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The Bureau launched this resource to provide an easier-to-navigate electronic format for many of its regulations. This resource is not an official legal edition of the Code of Federal Regulations or the Federal Register, and it does not replace the official versions of those publications. The Bureau has made every effort to ensure the material ...
Financial institutions must disclose the fact that one-time EFTs initiated using information from a consumer's check are among the types of transfers that a consumer can make. appendix A-2. See interpretation of 7 (b) (4) Types of Transfers; Limitations in Supplement I. (5) Fees.
The appendix contains model disclosure clauses for optional use by financial institutions and remittance transfer providers to facilitate compliance with the disclosure requirements of §§ 1005.5(b)(2) and (3), 1005.6(a), 1005.7, 1005.8(b), 1005.14(b)(1)(ii), 1005.15(c), 1005.15(e)(1) and (2), 1005.18(b)(2), (3), (6) and (7), 1005.18(d)(1) and ...
The Electronic Fund Transfer Act (EFTA) of 1978, 15 U.S.C. § 1693 et seq., protects individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers, including: Transfers through automated teller machines (ATMs); Point-of-sale (POS) terminals; Automated clearinghouse (ACH) systems;
Financial institutions must make the required disclosures 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. (Section 205.7(a)).
Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. 1693 et seq.) of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers. These services include • transfers through automated teller machines (ATMs); • point-of-sale (POS) terminals;
Institutions must disclose the consumer's liability for unauthorized EFTs, the types of EFTs the consumer may make, and any limit on the frequency or dollar amount; fees charged by the institution; and error-resolution procedures. Institutions must also provide a summary of various consumer rights under the regulation.
A financial institution shall provide the following disclosures, as applicable: (1) Liability of consumer. A summary of the consumer's liability, under § 1005.6 or under state or other applicable law or agreement, for unauthorized electronic fund transfers. (2) Telephone number and address.
This Act (Title IX of the Consumer Credit Protection Act) establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems. The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and ...
This part carries out the purposes of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services and of financial institutions or other persons that offer these services.