# Bank regulation **URL:** \ **Category:** Factual Questions\ **Created:** [April 18, 2002, 6:48pm UTC](https://boards.straightdope.com/t/bank-regulation/104361 "2002-04-18T18:48:09Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![Cleric](https://avatars.discourse-cdn.com/v4/letter/c/c57346/32.png) [@Cleric](https://boards.straightdope.com/u/Cleric)\ **Post date:** [April 18, 2002, 6:48pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/1 "2002-04-18T18:48:09Z")
I was cheated out of 3 cents on my wire transfer back in December 2001. The bank got bought out and the new bank says my time has expired . Is that a federal banking regulation or simply a policy of the bank. Are errors on banking statements subject to 60 days time until the bank is not legally required to give a flying…?.. ---
**Author:** ![Mr.Frink](https://avatars.discourse-cdn.com/v4/letter/m/977dab/32.png) [@Mr.Frink](https://boards.straightdope.com/u/Mr.Frink)\ **Post date:** [April 18, 2002, 7:11pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/2 "2002-04-18T19:11:59Z")
Uh…did I just read that right? Three cents? So you want to research banking regulation just to be a pain in the ass to the people at your local bank, if I get your drift… Oh boy, I don’t envy the manager who gets to deal with you… ---
**Author:** ![Cleric](https://avatars.discourse-cdn.com/v4/letter/c/c57346/32.png) [@Cleric](https://boards.straightdope.com/u/Cleric)\ **Post date:** [April 18, 2002, 7:48pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/3 "2002-04-18T19:48:09Z")
I work in a bank and am attempting to tell the customer to get a life. For some reason…upper management said to cut a check for 3 cents…And I am mad as hell that someone can call us and make us do this. ---
**Author:** ![SCSimmons](https://avatars.discourse-cdn.com/v4/letter/s/e495f1/32.png) [@SCSimmons](https://boards.straightdope.com/u/SCSimmons)\ **Post date:** [April 18, 2002, 8:58pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/4 "2002-04-18T20:58:11Z")
Well, I don’t know about where you work, but in most service industries, ‘service’ includes doing relatively annoying things … I know that when I was in the billing research department of my company, I would sometimes pull invoices from five years or more in the past to confirm or disconfirm fairly small credits (although never, I think, 3 cents). If the bank really made an error in its own favor, it makes good customer relations sense (even if not fiscal sense, given the cost of cutting the check etc.) to make good on the error … ---
**Author:** ![Cliffy](https://avatars.discourse-cdn.com/v4/letter/c/59ef9b/32.png) [@Cliffy](https://boards.straightdope.com/u/Cliffy)\ **Post date:** [April 18, 2002, 9:08pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/5 "2002-04-18T21:08:44Z")
Ok, let me get this straight. Your company stole three cents from this customer and you’re ticked off because you have to give it back? –Cliffy ---
**Author:** ![stockton](https://avatars.discourse-cdn.com/v4/letter/s/b5a626/32.png) [@stockton](https://boards.straightdope.com/u/stockton)\ **Post date:** [April 18, 2002, 9:19pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/6 "2002-04-18T21:19:18Z")
Wait a sec, Cliffy - Let me get THIS straight. Cleric: You WORK at the bank and you’re asking US whether your rules are legally mandated or just “company policy?” next time “upper management” calls, ask them… If you really work at a bank. Which I doubt very much. Okay, NOW you can answer Cliffy’s insightful query. ---
**Author:** ![C\_K\_Dexter\_Haven](https://avatars.discourse-cdn.com/v4/letter/c/b2d939/32.png) [@C\_K\_Dexter\_Haven](https://boards.straightdope.com/u/C_K_Dexter_Haven)\ **Post date:** [April 18, 2002, 9:23pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/7 "2002-04-18T21:23:50Z")
I don’t know why it would matter. I just had a lengthy conversation with the telephone company about a 12 cent charge that wasn’t mine. My point was (and the guy I was talking to agreed entirely) that it was computer error of some sort – and I wanted it corrected. Sure, today it’s only 12 cents, but what if it isn’t corrected and next month, I get arrested because the computer glitch thinks I owe $12,000 ? Any small error is potentially an indication of a computer bug, and should be promptly addressed while it’s still small. ---
**Author:** ![Cleric](https://avatars.discourse-cdn.com/v4/letter/c/c57346/32.png) [@Cleric](https://boards.straightdope.com/u/Cleric)\ **Post date:** [April 18, 2002, 9:34pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/8 "2002-04-18T21:34:00Z")
We did not make the error, the bank who we bought did. This particular customer closed the account before we bought the bank. and it has been more than the standard 60 days for disputing an item. We ended up cutting a 3 cent check. I guess if it was over 6 months old …then we would have a problem. Its not that your bank don’t care, they just want to limit the amount of time it takes to research old items. Do you really expect a bank to research a 2-dollar charge on your account 5 years ago? It would cost the bank alot of money to start digging after a certian amount of time. ---
**Author:** ![Mr.Frink](https://avatars.discourse-cdn.com/v4/letter/m/977dab/32.png) [@Mr.Frink](https://boards.straightdope.com/u/Mr.Frink)\ **Post date:** [April 18, 2002, 10:13pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/9 "2002-04-18T22:13:43Z")
> [@](#): > > \*Originally posted by Cleric \* > \*\*I \*\*was cheated out of 3 cents on **my** wire transfer back in December 2001. The bank got bought out and the new bank says **my time** has expired . Is that a federal banking regulation or simply a policy of the bank. Are errors on banking statements subject to 60 days time until the bank is not legally required to give a flying…?.. \*\* So _you_ work at a bank, and are dealing with an annoying customer, eh? Then why the misleading OP? ---
**Author:** ![Cleric](https://avatars.discourse-cdn.com/v4/letter/c/c57346/32.png) [@Cleric](https://boards.straightdope.com/u/Cleric)\ **Post date:** [April 18, 2002, 11:05pm UTC](https://boards.straightdope.com/t/bank-regulation/104361/10 "2002-04-18T23:05:24Z")
I wanted to get the perspective of the customer…sorry I won’t post such questions again