ABA Family Legal Guide

Computer Law

Online Purchases

Online Banking

Under the law, how must the bank investigate and make corrections?

Once it has received your letter complaining about an error, the bank has ten business days to investigate. The bank must tell you the results within three business days of completing its investigation. If the bank discovers it has made an error, it has one business day to make the correction. If the bank needs more time to investigate, it may take up to forty-five days. However, it must return the disputed money to your account. If, after the forty-five days, the bank can find no error, it can take the money back and send you a written explanation.