Montana Code 32-6-302. Verification of statement — procedure for discrepancies
32-6-302. Verification of statement — procedure for discrepancies. (1) If, upon receipt of a periodic statement of account, a customer of a financial institution believes the statement contains an error with respect to an electronic funds transfer, the customer shall notify the institution within 60 days after the day the institution delivered the statement. In this notification, the customer must be identified and shall set forth the foundation of the customer’s belief regarding the error.
Terms Used In Montana Code 32-6-302
- Financial institution: means a bank chartered under chapter 1 of this title, a bank chartered under the National Banking Acts in Title 12 of the United States Code, a building and loan association chartered under chapter 2 of this title, a savings and loan association chartered under the Home Owners' Loan Act in Title 12 of the United States Code, a credit union chartered under chapter 3 of this title, or a credit union chartered under the Federal Credit Union Act in Title 12 of the United States Code. See Montana Code 32-6-103
- Writing: includes printing. See Montana Code 1-1-203
(2)Within 10 days after a customer has notified a financial institution of a possible error under subsection (1), the institution shall either:
(a)correct the account in question, giving the customer a description of the correction and if the correction is not in the exact amount of the alleged error, the description must explain the difference; or
(b)after investigating the matter, give the customer an explanation of the reasons the institution believes the statement to be correct. If requested in writing by the customer, a written explanation, documented by the institution’s record of the transaction in question, must be furnished to the customer.
(3)A financial institution receiving notice under subsection (1) may not close the account concerning which the dispute exists or restrict transactions in the account affecting the portion not in dispute until it complies with subsection (2). A financial institution that has once complied with subsection (2) with respect to an alleged error is not required to respond under subsection (2) to repeated allegations of the same error.