Electronic Fund Transfers Regulations

An ice provider doesn't need to provide a periodic statement if certain conditions are met.

The debit card must have the service provider's name, address, and phone number.

Consumers must receive a notice about how to use the debit card, similar to the one in Appendix A.

The receipts must include an address and phone number for inquiries, errors, or reporting loss/theft.

The service provider must send the consumer's transaction information to the financial institution.

A transaction initiated without the consumer's explicit permission.

A transfer of money from or to a consumer's account that is incorrect in terms of the amount, recipient, or other details.

A transfer of funds that was scheduled but is missing from the consumer's periodic statement.

An error in calculating or recording a transaction involving electronic funds.

A consumer's right to cancel a scheduled electronic fund transfer before it is processed.

A financial institution cannot require a consumer to open an account to receive electronic funds, such as a paycheck or government benefit.

A consumer has the right to notify a financial institution of an error with an electronic fund transfer.

The financial institution may require the consumer to provide written confirmation of an error reported orally, within 10 business days.

An account set up through a third party and funded solely with authorized disaster relief payments.

A specific account managed by the US government for closed-loop transactions within military installations and vessels.

A card issued by the government for specific transactions, such as purchasing products or services within a specific program.

Any electronic fund transfer that the consumer authorizes in advance to happen regularly.

A person, whether an individual or an organization, who can participate in financial transactions.

An organization that holds accounts for consumers and provides electronic fund transfer services, like banks and credit unions.

A type of electronic fund transfer that moves money between accounts electronically.

A prepaid card for general use that can be used at various merchants, which is distinct from a gift card and is sold at a discount to its face value.

Within 60 days of receiving a periodic statement or passbook reflecting an alleged error, a financial institution must investigate the error.

If a financial institution receives a notice of a possible error, they must provisionally credit the consumer's account within 10 business days.

The financial institution may withhold up to $50 if they have a reasonable basis to believe an unauthorized electronic fund transfer occurred.

If the consumer's account is subject to Regulation T, the financial institution doesn't need to provisionally credit the account.

The financial institution must receive written confirmation of an oral error notice within 10 business days.

If a financial institution determines that there was no error or a different error than what was reported, it must provide a written explanation to the consumer.

The financial institution must investigate and determine whether an error occurred in a timely manner.

The bank must comply with the error resolution requirements for both oral and written notices of errors.

A government agency must disclose account information for government benefit accounts, similar to prepaid accounts.

For short form disclosures provided in writing or electronically, the information required by § 1005.18(b)(2)(i) through (ix) must be presented in a table format.

A government agency, when providing information about government benefit accounts, must follow specific requirements regarding modified disclosures, limitations on liability, and error resolution.

Government agencies must disclose the telephone number for consumers to access their account balance, methods to obtain electronic account history, and a summary of the consumer's right to receive a written account history.

Government agencies need to modify the disclosure rules, particularly regarding access to account information and error resolution protocols.

Government agencies must provide consumers with access to their account balance, electronic account history, and a summary of their right to receive a written account history upon request.

Government agencies are required to comply with the requirements of § 1005.11 when responding to consumer complaints about errors in their government benefit accounts.

Government agencies must comply with the account information requirements applicable to prepaid accounts, as outlined in § 1005.18(c)(3) through (5).

A brief description of the bank's overdraft service and the kinds of transactions it covers.

The charges a bank imposes for paying an overdraft, including the amount and any daily fees.

The maximum number of overdraft fees a bank can charge per day. This can be unlimited in some cases.

The right of a customer to choose whether or not to use the bank's overdraft service.

A statement informing customers about their right to revoke consent to overdraft services. This is a legal requirement.

The bank must treat affirmation or revocation of consent from any joint account holder as applying to the entire account.

Customers maintain the ability to opt-in or revoke consent to overdraft services at any time. This is a continuing right.

Banks can use a statement like 'After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to' to describe their overdraft service.