(a) Timing of disclosures. A financial institution shall make the
disclosures required by this section at the time a consumer contracts
for an electronic fund transfer service or before the first electronic
fund transfer is made involving the consumer’s account.
(b) Content of disclosures. A financial institution shall provide the following disclosures,
as applicable:
(1) Liability
of consumer. A summary of the consumer’s liability, under section
205.6 or under state or other applicable law or agreement, for unauthorized
electronic fund transfers.
(2) Telephone
number and address. The telephone number and address of the person
or office to be notified when the consumer believes that an unauthorized
electronic fund transfer has been or may be made.
(3) Business
days. The financial institution’s business days.
(4) Types of
transfer; limitations. The type of electronic fund transfers
that the consumer may make and any limitations on the frequency and
dollar amount of transfers. Details of the limitations need not be
disclosed if confidentiality is essential to maintain the security
of the electronic fund transfer system.
(5) Fees. Any fees imposed by the financial institution for electronic fund
transfers or for the right to make transfers.
(6) Documentation. A summary of the consumer’s right to receipts and periodic statements,
as provided in section 205.9, and notices regarding preauthorized
transfers as provided in sections 205.10(a) and 205.10(d).
(7) Stop payment. A summary of the consumer’s right to stop payment
of a preauthorized electronic fund transfer and the procedure for
placing a stop-payment order, as provided in section 205.10(c).
(8) Liability of institution. A summary of
the financial institution’s liability to the consumer under section
910 of the act for failure to make or to stop certain transfers.
(9) Confidentiality. The circumstances under
which, in the ordinary course of business, the financial institution
may provide information concerning the consumer’s account to third
parties.
(10) Error resolution. A notice that is substantially
similar to Model Form A-3 as set out in appendix A of this part concerning
error resolution.
(11) ATM fees. A notice that a fee may be imposed
by an automated teller machine operator as defined in section 205.16(a)(1),
when the consumer initiates an electronic fund transfer or makes a
balance inquiry, and by any network used to complete the transaction.
(c) Addition
of electronic fund transfer services. If an electronic fund transfer
service is added to a consumer’s account and is subject to terms and
conditions different from those described in the initial disclosures,
disclosures for the new service are required.
