What happens when a member says there's an error on her statement? There are very specific rules you need to follow, but first, you need to know the nature of the alleged error. Is it an electronic transaction? Was the member's access device (card, PIN, etc) stolen? Was the transaction unauthorized or was it erroneous? Was it a credit or debit transaction? There are different rules for each of these situations.
Your credit union is required to have well-defined error resolution procedures to ensure you comply with the rules. And you're required to inform members of those procedures at least annually. This session will discuss the requirements mandated by Regulations E & Z.