Honesty is the best policy: Deposit discrepancies

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Have you taken a look at your receipt after buying several items at the store or eating a good meal at a restaurant, only to find out that you haven’t been charged for something you got? Or that you were charged for something extra that you didn’t actually order or want? Besides feeling somewhat more fortunate, or unfortunate than usual, you might feel (especially in the latter case) like you need to go back and make things add up.A small discrepancy on your restaurant bill isn’t of much importance, but discrepancies in the accounts of financial institutions are a much bigger deal. In May of this year, the CFPB, the OCC, the FDIC, the NCUA, and the Fed issued the Interagency Guidance Regarding Reconciliation Practices for deposit discrepancies. The guidance focuses on the correct way to handle those discrepancies.When customers deposit money into their accounts, the amount the financial institution actually puts in their accounts sometimes doesn’t match up. Discrepancies between intended deposit amounts and actual deposit amounts happen for a variety of reasons. Maybe the deposit slip was written sloppily or inaccurately, or there was a glitch in the image-capture process. continue reading »last_img

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