(a) Receipts at electronic terminals—general. Except as provided
in paragraph (e) of this section, a financial institution shall make
a receipt available to a consumer at the time the consumer initiates
an electronic fund transfer at an electronic terminal. The receipt
shall set forth the following information, as applicable:
(1) Amount. The amount of the transfer. A transaction fee may be included in
this amount, provided the amount of the fee is disclosed on the receipt
and displayed on or at the terminal.
(2) Date. The date the consumer initiates the transfer.
(3) Type. The type of transfer and the type of the consumer’s account(s) to
or from which funds are transferred. The type of account may be omitted
if the access device used is able to access only one account at that
terminal.
(4) Identification. A number or code that identifies
the consumer’s account or accounts, or the access device used to initiate
the transfer. The number or code need not exceed four digits or letters
to comply with the requirements of this paragraph (a)(4).
(5) Terminal location. The location of the terminal where the transfer
is initiated, or an identification such as a code or terminal number.
Except in limited circumstances where all terminals are located in
the same city or state, if the location is disclosed, it shall include
the city and state or foreign country and one of the following:
(i) The street address; or
(ii) A generally accepted name for the
specific location; or
(iii) The name of the owner or operator of the terminal if other
than the account-holding institution.
(6) Third party
transfer. The name of any third party to or from whom funds are
transferred.
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(b) Periodic
statements. For an account to or from which electronic fund transfers
can be made, a financial institution shall send a periodic statement
for each monthly cycle in which an electronic fund transfer has occurred;
and shall send a periodic statement at least quarterly if no transfer
has occurred. The statement shall set forth the following information,
as applicable:
(1) Transaction
information. For each electronic fund transfer occurring during
the cycle:
(i) The amount of the transfer;
(ii) The date the transfer
was credited or debited to the consumer’s account;
(iii) The type of transfer and type
of account to or from which funds were transferred;
(iv) For a transfer initiated by the
consumer at an electronic terminal (except for a deposit of cash or
a check, draft, or similar paper instrument), the terminal location
described in paragraph (a)(5) of this section; and
(v) The name of any third party to or
from whom funds were transferred.
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(2) Account number. The number of the account.
(3) Fees. The amount of any fees assessed against the account during the statement
period for electronic fund transfers, the right to make transfers,
or account maintenance.
(4) Account balances. The balance
in the account at the beginning and at the close of the statement
period.
(5) Address and telephone number for inquiries. The address and telephone number to be used for inquiries or notice
of errors, preceded by “Direct inquiries to” or similar language.
The address and telephone number provided on an error resolution notice
under section 1005.8(b) given on or with the statement satisfies this
requirement.
(6) Telephone
number for preauthorized transfers. A telephone number the consumer
may call to ascertain whether preauthorized transfers to the consumer’s
account have occurred, if the financial institution uses the telephone-notice
option under section 1005.10(a)(1)(iii).
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(c) Exceptions to the periodic statement
requirement for certain accounts.
(1) Preauthorized
transfers to accounts. For accounts that may be accessed only
by preauthorized transfers to the account the following rules apply:
(i) Passbook accounts. For passbook
accounts, the financial institution need not provide a periodic statement
if the institution updates the passbook upon presentation or enters
on a separate document the amount and date of each electronic fund
transfer since the passbook was last presented.
(ii) Other
accounts. For accounts other than passbook accounts, the financial
institution must send a periodic statement at least quarterly.
(2) Intra-institutional transfers. For an electronic
fund transfer initiated by the consumer between two accounts of the
consumer in the same institution, documenting the transfer on a periodic
statement for one of the two accounts satisfies the periodic statement
requirement.
(3) Relationship between paragraphs (c)(1) and (2)
of this section. An account that is accessed by preauthorized
transfers to the account described in paragraph (c)(1) of this section
and by intra-institutional transfers described in paragraph (c)(2)
of this section, but by no other type of electronic fund transfers,
qualifies for the exceptions provided by paragraph (c)(1) of this
section.
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(d) Documentation
for foreign-initiated transfers. The failure by a financial institution
to provide a terminal receipt for an electronic fund transfer or to
document the transfer on a periodic statement does not violate this
part if:
(1) The transfer is not
initiated within a state; and
(2) The financial institution treats an
inquiry for clarification or documentation as a notice of error in
accordance with section 1005.11.
(e) Exception for receipts in small-value transfers. A financial institution is not subject to the requirement to make
available a receipt under paragraph (a) of this section if the amount
of the transfer is $15 or less.
