According to Reg Z, how quickly must a credit union credit payments made on open-end credit accounts?

The correct answer highlights the requirement set forth by Regulation Z, which governs truth in lending practices. Under Reg Z, credit unions must credit payments made on open-end credit accounts as of the day the payment is received. This is crucial for ensuring transparency and fairness in lending practices, as it allows consumers to have an accurate understanding of their outstanding balance and improves their ability to manage payments effectively.

This regulation helps prevent potential confusion and disputes regarding the timing of payments. By requiring that payments are credited immediately upon receipt, consumers benefit from reduced interest calculations and increased clarity in their account standings.

The other options suggest alternative scenarios for crediting payments that do not align with Reg Z standards, making them less applicable in this context. Specifically, stating that payments are credited according to the member's request or at the end of the billing cycle does not provide the immediate benefit that Reg Z seeks to ensure for consumers. Additionally, suggesting a 48-hour timeframe introduces unnecessary delays that could negatively affect the consumer's financial management.