27 Jul 2022

How long does a bank have to correct an EFT error?

Late Mortgage

Logging in to your bank account and seeing an unfamiliar charge can be confusing and heart-dropping. First, take a deep breath and a step back. Sometimes, recurring charges happen every three to six months, which are easy to forget about during the timeframe. When an EFT charge drops your account to negative, though, you are left paying hefty fees that continue dropping your count below $0.

As soon as you notice the error and confirm the information, pick up your phone and call your bank’s customer service line. Most call centres are open and available for calls during working hours on weekdays. Make sure that you have your account number and the details of the transaction.

When a dispute has been lodged with the bank, all you can do is sit and wait. They are typically resolved, though, within about 10 to 20 business days. Once a verdict has been reached and a refund is on the way, you can expect to see the money in your account in 10 business days or less. The refund should include any late or recurring fees that banks charge for dipping below $0.

EFT Error Correction Conclusion

Correcting an accidental EFT charge takes time, but it will go smoother and faster if you communicate quickly. Mortgage House lenders are always available for a chat about our lending products and solutions to common problems.

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