§1693h Liability of financial institutions

Summary

Makes a bank or other financial firm pay for losses when it does not send an electronic money transfer the right amount or on time after a customer properly asks. It also covers cases when the bank failed to credit a deposit that would have paid the transfer, and when the bank did not stop a preauthorized payment after the customer asked. The rule does not apply if the account had no money, the funds were frozen by law, the transfer would go over a credit limit, an ATM had no cash, or other rules say otherwise. The bank can avoid paying if it shows the problem was caused by an act of God or something beyond its control and it used reasonable care, or if the customer knew about a technical problem at the time. If the mistake was unintentional and happened despite reasonable procedures, the bank must pay only the actual losses the customer proves. If an ATM operator posted a required notice but someone else later removed or damaged it, the operator is not responsible.