15 U.S.C. § 1693c : US Code - Section 1693C: Terms and conditions of transfers

Search 15 U.S.C. § 1693c : US Code - Section 1693C: Terms and conditions of transfers

(a) Disclosures; time; form; contents
The terms and conditions of electronic fund transfers involving a
consumer's account shall be disclosed at the time the consumer
contracts for an electronic fund transfer service, in accordance
with regulations of the Board. Such disclosures shall be in readily
understandable language and shall include, to the extent applicable
-
(1) the consumer's liability for unauthorized electronic fund
transfers and, at the financial institution's option, notice of
the advisability of prompt reporting of any loss, theft, or
unauthorized use of a card, code, or other means of access;
(2) the telephone number and address of the person or office to
be notified in the event the consumer believes than (!1) an
unauthorized electronic fund transfer has been or may be
effected;
(3) the type and nature of electronic fund transfers which the
consumer may initiate, including any limitations on the frequency
or dollar amount of such transfers, except that the details of
such limitations need not be disclosed if their confidentiality
is necessary to maintain the security of an electronic fund
transfer system, as determined by the Board;
(4) any charges for electronic fund transfers or for the right
to make such transfers;
(5) the consumer's right to stop payment of a preauthorized
electronic fund transfer and the procedure to initiate such a
stop payment order;
(6) the consumer's right to receive documentation of electronic
fund transfers under section 1693d of this title;
(7) a summary, in a form prescribed by regulations of the
Board, of the error resolution provisions of section 1693f of
this title and the consumer's rights thereunder. The financial
institution shall thereafter transmit such summary at least once
per calendar year;
(8) the financial institution's liability to the consumer under
section 1693h of this title;
(9) under what circumstances the financial institution will in
the ordinary course of business disclose information concerning
the consumer's account to third persons; and
(10) a notice to the consumer that a fee may be imposed by -
(A) an automated teller machine operator (as defined in
section 1693b(d)(3)(D)(i) of this title) if the consumer
initiates a transfer from an automated teller machine that is
not operated by the person issuing the card or other means of
access; and
(B) any national, regional, or local network utilized to
effect the transaction.
(b) Notification of changes to consumer
A financial institution shall notify a consumer in writing at
least twenty-one days prior to the effective date of any change in
any term or condition of the consumer's account required to be
disclosed under subsection (a) of this section if such change would
result in greater cost or liability for such consumer or decreased
access to the consumer's account. A financial institution may,
however, implement a change in the terms or conditions of an
account without prior notice when such change is immediately
necessary to maintain or restore the security of an electronic fund
transfer system or a consumer's account. Subject to subsection
(a)(3) of this section, the Board shall require subsequent
notification if such a change is made permanent.
(c) Time for disclosures respecting accounts accessible prior to
effective date of this subchapter
For any account of a consumer made accessible to electronic fund
transfers prior to the effective date of this subchapter, the
information required to be disclosed to the consumer under
subsection (a) of this section shall be disclosed not later than
the earlier of -
(1) the first periodic statement required by section 1693d(c)
of this title after the effective date of this subchapter; or
(2) thirty days after the effective date of this subchapter.