Question

@ganeshie8 @Loveiskey18

Belinda received her credit card statement in the mail and noticed that her last payment had not been posted. She notified the bank immediately. How long does the bank have to investigate and/or correct the mistake?

A. 2 months from the date of the bill
B. 2 billing cycles
C. 2 days
D. 1 week
@Psymon @wolf1728 @wolfe8 @Yahoo!

Answer 1

Hmmm, this seems as if this is more in the area of law than mathematics.
Anyway according to the 2009 Credit Card Accountability Responsibility and Disclosure Act
https://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009/Title_II#Sec._202.
``(12) Requirements relating to late payment deadlines and penalties.— ``(A) Late payment deadline required to be disclosed.—In the case of a credit card account under an open end consumer credit plan under which a late fee or charge may be imposed due to the failure of the obligor to make payment on or before the due date for such payment, the periodic statement required under subsection (b) with respect to the account shall include, in a conspicuous location on the billing statement, the date on which the payment is due or, if different, the date on which a late payment fee will be charged, together with the amount of the fee or charge to be imposed if payment is made after that date.

From that paragraph it seems to me that the late payment dates and fees are not set by the government but by the credit card companies themselves.