Important Information Regarding Your Dispute
You understand that Ridgewood Savings Bank will investigate the alleged error and make the appropriate disposition of this matter within ten (10) business days from the date a proper notice of error was reported or will provisionally re-credit your account for the amount in question and take up to forty-five (45) days to complete its investigation. No provisional credit will be allotted past 60 days from date of original transaction. These time periods may vary in certain circumstances. Please see the “Important Information About Your Deposit Accounts” disclosure governing your account for further information.
Under Mastercard’s™’s Zero Liability provisions, funds/credits are provided on a provisional basis and may be withheld, delayed, limited, or rescinded for reasons including but not limited to:
- Negligence or fraud;
- Delay in reporting unauthorized use;
- Investigation and verification of claim; and/or
- Account standing and history
With ATM or debit cards, you must act quickly in order to avoid full liability for unauthorized charges when your card is lost or stolen. Under the federal Electronic Fund Transfer Act, your liability for unauthorized electronic fund transfers is:
- $0 if you report the loss or theft of the card immediately and before any unauthorized charges are made.
- up to $50 if you notify the bank within two business days after you realize the card is missing
- up to $500 if you fail to notify the bank within two business days after you realize the card is missing, but do notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals, or
- unlimited if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals. (15 U.S. Code § 1693g).
If Ridgewood Savings Bank determines that your notification failure was due to extenuating circumstances, we will extend the notification timeline for a reasonable period.
If your card wasn't lost or stolen, but the number is used for unauthorized transactions, you aren't liable for those transactions so long as you report them within 60 days of the statement being sent to you.
If we determine that a fraudulent transaction did occur, any provisional credit we provided will be considered final. The provisional credit will be reflected on your periodic statement. If the provisional credit is reversed, the reversal will be reflected on your periodic statement.
If a refund is processed by the merchant from whom you have filed a dispute with, any provisional credit issued by Ridgewood Savings Bank will be reversed.
If incorrect information is provided, this could result in your dispute being declined and any provisional credit provided for the transaction being reversed.
Ridgewood Savings Bank may release information regarding the card and/or card account to local, state, and/or federal law enforcement agencies so that information may, if necessary, be used in an investigation and/or prosecution of any person(s) who may be responsible for fraud involving the card and/or card account.
We will tell you the results our investigation within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
RIDGEWOOD SAVINGS BANK ELECTRONIC BANKING SERVICES
71-02 FOREST AVENUE
RIDGEWOOD, NEW YORK 11385-5697
Business Days: Monday through Friday, excluding Federal Holidays
Phone: (718) 240-4778
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST
Please see the “Important Information About Your Deposit Accounts” disclosure governing your account for further information on your rights and responsibilities with regard to electronic fund transfers.