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15 USC 1666c - AKA FCBA
“Payments received from an obligor under an open end
consumer credit plan by the creditor shall be posted promptly
to the obligor's account as specified in regulations of the Board.
Such regulations shall prevent a finance charge from being
imposed on any obligor if the creditor has received the
obligor's payment in readily identifiable form in the amount,
manner, location, and time indicated by the creditor to avoid
the imposition thereof.
See also reg E 205.10(3)
3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received.
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Last edited by Enigma; 01-13-2008 at 12:53 AM..
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