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Reg-z allows end users to dispute any fee or charges applied on their credit card statement. End user must inform FI about billing error in writing to have FI act on it. Notice provided to FI about billing dispute must:
Once user has provided proper notice to the FI about an error on credit statement, FI must acknowledge that it received this notification within 30 days, unless the problem has been resolved. The FI must investigate and resolve the issue within two complete billing cycles (but in no event later than 90 days) after receiving the billing error notice.
While FI conducts its investigation into the billing error:
If FI confirms there is a billing error on disputed account, it must send user a written explanation of the corrections made to said account. In addition to crediting user account for the disputed amount, FI must also remove all finance charges, late fees, or other charges related to the error. If the investigation reveals no error occurred, it must send user a written explanation of the amount user owes, and user is responsible for paying the disputed amount, plus any finance charges that accumulated during the investigation.
User may request copies of relevant documents used in the FI’s investigation. If cardholder disagrees with the results of the investigation, he/she may write to the FI within 10 days after receiving the explanation, and he/she may indicate refusal to pay the disputed amount. The FI may begin collection procedures and may report disputed account as delinquent to credit reporting agencies, but it must also note that cardholder disagrees with the amount owed.
In addition to the consumer protections associated with billing errors, Regulation Z also contains special credit card provisions that limit cardholder liability for unauthorized use of a credit card. A credit card holder’s liability is limited to $50 for unauthorized use before the cardholder notifies the card issuer. Notification may be given in person, by telephone, or in writing.
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