(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
1005.6 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 transfers; 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 1005.9 of this part, and notices regarding
preauthorized transfers as provided in section 1005.10(a) and (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 1005.10(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 1005.16(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.
