Consumer complaint received 2020-02-01
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: FinCo Services Inc DBA Current (WI)

This company has zero regard for government regulation nor contractual obligation. First issue arose with a non-dispense ATM dispute filed on XX/XX/XXXX for amount of {$200.00}. The requested written correspondence was returned XX/XX/XXXX and confirmed receipt of this by the company that same day. I then followed up on this request XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. I inquired about the provisional credit after both the 10 and  20 days provided by the two possible circumstances had expired. I was given zero explanation for their violation of regulation E, no correspondence or reasoning for them violating the law nor any type of resolution to the issue itself. Their response was always that the issue/error/violation had been " escalated '' and nothing further was ever heard on my end. This company has zero regard for federal regulation misleads its customers and violates both VISA and their own contractual language. This was further exemplified when I had a return to XXXX department store that was completed via PIN Debit transaction for the amount of {$110.00}, of which I have receipt. This return was completed on XX/XX/XXXX. When my account was not credited on XX/XX/XXXX I again inquired with the support team regarding this new issue. I was told on XX/XX/XXXX that it could take up to 5 business days for the transaction to " settle '' and the funds would be in my account no later than XX/XX/XXXX. I followed up with on XX/XX/XXXX when the 5 business had expired and the funds were STILL not in my account. I was advised they would post some time THAT DAY but for sure that day. Now today XX/XX/XXXX the funds are still not in my account. I was told by support that yet again now THIS ISSUE/ERROR of theirs was " escalated. '' the same response i received regarding the still unresolved and regulation E violating Dispute. Enough is enough. This company is illegal holding back the credit to my account on the dispute and now holding funds they have confirmed for a week they actually show they received from XXXX yet have not posted to my account. I want my credit and I want my money they have and are holding for this return, released to my account immediately as both should have occurred a long time ago. Both from regulatory requirements, their contract of adhesion given to customers, and the statements made by their own customer support team on MANY occasions as referenced earlier. 

Reg E reference The Electronic Fund Transfer Act ( EFTA ), as implemented by Regulation E, provides basic protections for consumers with electronic direct deposits or who use debit cards to access their deposit account held directly or indirectly at a bank. These protections include timeframes by which a bank must investigate and determine whether an error occurred when you notify your bank of an error and, in some cases, requirements to provide provisional credit while the investigation is performed. 

For example, if you notify your bank of a potential account error, Regulation E requires a bank to investigate and determine whether an error occurred within 10 business days of receiving your notice ( or 20 business days for new accounts ). If a bank is unable to complete its investigation within the appropriate timeframe, it may take up to 45 days to determine whether an error occurred. But in these cases, banks must generally provide consumers with a provisional credit to their account within 10 days of the bank receiving the error notice. Also, banks must notify consumers about the provisional credit within two days of providing the credit.

Some banks may require you to submit an error notice in writing after you provide notice orally. If the bank does not receive written confirmation within 10 business days of receiving the initial notice of an error, the bank is not required to provide provisional credit. The time period for the investigation may be extended to 90 days if the error involved an electronic transfer initiated outside of the United States, a point-of-sale debit card transaction, or a transaction involving a new account within 30 days of being opened.

If the bank determines there is an error on your account, it must correct the error within one business day after confirming it and report the results to you within three business days after completing its investigation ( including, if applicable, notice that a provisional credit has been made final ).

If a bank determines that no error occurred or that an error occurred in a manner or amount different from that described in your notice, the bank must send a written explanation of its findings and note your right to request the documents the bank relied on for its investigation. When the bank debits the funds provisionally credited to your account during the investigation, it must provide you with the date and amount debited. In addition, the bank must inform you that it will honor checks, drafts, or similar instruments payable to third parties and preauthorized transfers from your account ( without charge as a result of an overdraft ) for five business days after the notification.