How many days does Domus Financial have to resolve an error if it provisionally credited the affected account?

When a financial institution like Domus Financial receives a notice of an error on a consumer's account and has provisionally credited that account, federal regulations require that they have a specific timeframe to resolve the dispute. In this context, the correct answer is 45 days.

The Consumer Financial Protection Bureau (CFPB) regulations under the Electronic Fund Transfer Act (EFTA) stipulate that once a financial institution provisions an account with the disputed amount, they must complete their investigation and make a determination regarding the error within 45 days. This timeframe ensures that consumers are protected and that disputes are handled in a timely manner. Additionally, it allows the institution adequate time to investigate the claim thoroughly and reach a conclusion about whether the error occurred or not.

Understanding these timeframes is critical for compliance with federal regulations, as they help maintain consumer trust and uphold the rights of consumers in financial transactions.