The second layer of liability limitation relates to a consumer's failure to report unauthorized transactions appearing on a periodic statement. If a consumer fails to report unauthorized EFT transactions that appear on a periodic statement within 60 calendar days of transmittal of the statement to the consumer, then the consumer is liable for all unauthorized transfers after the end of the 60-day period.
In some instances, both limitations can come into play. For example, if a consumer loses the account access device, discovers the loss, does not report it, and does not report unauthorized transfers shown on the periodic statement, the consumer's liability would be the lesser of $500 or the amount of unauthorized transfers that occur up to 60 calendar days after the first periodic statement plus unlimited liability for transfers thereafter. In other words, the two liabilities stack on top of one another.
We will determine whether an error occurred within 10 business days (5 business days if the transfer involved a point-of-sale transaction and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your compliant or question. If we decide to do this, we will credit your account within 10 business days (5 business days if the transfer involved a point-of-sale transaction and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before the account is opened.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
If you have inquiries regarding your account, please contact us at: