(a) Coverage. A financial institution shall comply with all applicable
requirements of the act and this part with respect to payroll card
accounts except as provided in this section.
(b) Alternative to periodic statements.
(1) A financial institution
need not furnish periodic statements required by section 205.9(b)
if the institution makes available to the consumer—
(i) the
consumer’s account balance, through a readily available telephone
line;
(ii) an electronic
history of the consumer’s account transactions, such as through an
Internet website, that covers at least 60 days preceding the date
the consumer electronically accesses the account; and
(iii) a written history
of the consumer’s account transactions that is provided promptly in
response to an oral or written request and that covers at least 60
days preceding the date the financial institution receives the consumer’s
request.
(2) The history of account transactions provided under paragraphs
(b)(1)(ii) and (iii) of this section must include the information
set forth in section 205.9(b).
6-346.41
(c) Modified requirements. A financial institution
that provides information under paragraph (b) of this section, shall
comply with the following:
(1) Initial disclosures. The financial institution shall modify the disclosures under section
205.7(b) by disclosing:
(i) Account
information. A telephone number that the consumer may call to
obtain the account balance, the means by which the consumer can obtain
an electronic account history, such as the address of an Internet
website, and a summary of the consumer’s right to receive a written
account history upon request (in place of the summary of the right
to receive a periodic statement required by section 205.7(b)(6)),
including a telephone number to call to request a history. The disclosure
required by this paragraph (c)(1)(i) may be made by providing a notice
substantially similar to the notice contained in paragraph A-7(a)
in appendix A of this part.
(ii) Error
resolution. A notice concerning error resolution that is substantially
similar to the notice contained in paragraph A-7(b) in appendix A
of this part, in place of the notice required by section 205.7(b)(10).
(2) Annual error-resolution notice. The financial
institution shall provide an annual notice concerning error resolution
that is substantially similar to the notice contained in paragraph
A-7(b) in appendix A of this part, in place of the notice required
by section 205.8(b). Alternatively, a financial institution may include
on or with each electronic and written history provided in accordance
with section 205.18(b)(1), a notice substantially similar to the abbreviated
notice for periodic statements contained in paragraph A-3(b) in appendix
A of this part, modified as necessary to reflect the error-resolution
provisions set forth in this section.
(3) Limitations
on liability.
(i) For purposes of section 205.6(b)(3),
the 60-day period for reporting any unauthorized transfer shall begin
on the earlier of—
(A) the date the consumer electronically accesses
the consumer’s account under paragraph (b)(1)(ii) of this section,
provided that the electronic history made available to the consumer
reflects the transfer; or
(B) the date the financial institution sends a written history of
the consumer’s account transactions requested by the consumer under
paragraph (b)(1)(iii) of this section in which the unauthorized transfer
is first reflected.
(ii) A financial institution may comply
with paragraph (c)(3)(i) of this section by limiting the consumer’s
liability for an unauthorized transfer as provided under section 205.6(b)(3)
for any transfer reported by the consumer within 120 days after the
transfer was credited or debited to the consumer’s account.
(4) Error resolution.
(i) The financial institution shall
comply with the requirements of section 205.11 in response to an oral
or written notice of an error from the consumer that is received by
the earlier of—
(A) 60 days after the date the consumer electronically
accesses the consumer’s account under paragraph (b)(1)(ii) of this
section, provided that the electronic history made available to the
consumer reflects the alleged error; or
(B) 60 days after the date the financial institution
sends a written history of the consumer’s account transactions requested
by the consumer under paragraph (b)(1)(iii) of this section in which
the alleged error is first reflected.
(ii) In lieu of following the procedures
in paragraph (c)(4)(i) of this section, a financial institution complies
with the requirements for resolving errors in section 205.11 if it
investigates any oral or written notice of an error from the consumer
that is received by the institution within 120 days after the transfer
allegedly in error was credited or debited to the consumer’s account.
