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§6.07 Electronic Fund Transfers—Treble Damages

 
Lesson 6:
Checks & EFTs

The consumer is entitled to treble damages in any action if you find either:

  • The financial institution did not provisionally recredit a consumer’s account within the 10-day period, and did not make a good faith investigation of the alleged error, or did not have a reasonable basis for believing that the consumer’s account was not in error [15 USC §1693f(e)(1)]; or

  • The financial institution knowingly and willfully concluded that the consumer’s account was not in error when such conclusion could not reasonably have been drawn from the evidence available at the time of its investigation [15 USC §1693f(e)(2)].
 
 
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