Timing of a disclosures.
A financial institution shall make the disclosure required by this section
at the time a member contracts for a electronic fund transfer service or
before the first electronic fund transfer is made involving a members
Content of disclosures.
A financial institution shall provide the following disclosures, as
- Liability of the member. A summary of the member's liability, under SEC.205.6 or under state or other applicable law or agreement, for unauthorized electronic fund transfers.
- Telephone number and address. The telephone number and address of the person or office to be notified when the member believes that an unauthorized electronic fund transfer has been or may be made.
- Business days. The financial institution's business days.
- Type of transfer/limitations. The type of electronic fund transfers that the member may make and any l8imitations on the frequency and dollar amount of transfer. Details of the limitations need not be disclosed if confidentiality is essential to maintain the security of the electronic fund transfer system.
- Fees. Any fees imposed by the financial institution for electronic fund transfers for the right to make transfer.
- Documentation. A summary of the member's right to receipts and periodic statements, as provided in Sec.205.9 and notices regarding preauthorized transfer as provided in Sec. 205.10(a) and 205.10(c).
- Stop Payment. A summary of the member's right to stop payment of a preauthorized electronic find transfer and the procedure for placing a stop payment order, as provided in Sec.205.10 (c).
- Liability of the Institution. A summary of the financial institutions liability to the member under section 910 of the act for failure to make or to stop certain transfers.
- Confidentiality. The circumstances under which, in ordinary course of business, the financial institution may provide information concerning the member's account to third parties.
- 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.
- ATM fees. A notice that a fee may be imposed by an automated teller machine operator as defined in 205.16(a)(1), when the member initiates an electronic fund transfer or makes a balance inquiry, and by any network used to complete the transaction.