Fact Pattern 19-3
Mike loses his National Bank access card. He realizes his loss the next day but waits a week to call National. Meanwhile, Opal finds and uses Mike's card to withdraw $3,000 from Mike's account.
-Refer to Fact Pattern 19-3.When Mike receives his National statement,he demands that the bank investigate the matter and recredit his account.The bank
A) has no duty to investigate.
B) must investigate and, if the dispute is not resolved within ten days, recredit Mike's account (at least until the dispute is resolved).
C) must investigate and immediately recredit Mike's account (at least until the dispute is resolved).
D) must investigate but need not recredit Mike's account.

Question

Quizplus · Accepted Answer

Under the Electronic Fund Transfer Act, if a consumer reports an unauthorized transaction within 60 days of receiving the statement, the bank must investigate and resolve the issue within ten business days. If unresolved, the bank must provisionally recredit the consumer's account.

Fact Pattern 19-3 Mike Loses His National Bank Access Card. He Realizes His