15 U.S.C. § 1693d : US Code - Section 1693D: Documentation of transfers

Search 15 U.S.C. § 1693d : US Code - Section 1693D: Documentation of transfers

(a) Availability of written documentation to consumer; contents
For each electronic fund transfer initiated by a consumer from an
electronic terminal, the financial institution holding such
consumer's account shall, directly or indirectly, at the time the
transfer is initiated, make available to the consumer written
documentation of such transfer. The documentation shall clearly set
forth to the extent applicable -
(1) the amount involved and date the transfer is initiated;
(2) the type of transfer;
(3) the identity of the consumer's account with the financial
institution from which or to which funds are transferred;
(4) the identity of any third party to whom or from whom funds
are transferred; and
(5) the location or identification of the electronic terminal
involved.
(b) Notice of credit to consumer
For a consumer's account which is scheduled to be credited by a
preauthorized electronic fund transfer from the same payor at least
once in each successive sixty-day period, except where the payor
provides positive notice of the transfer to the consumer, the
financial institution shall elect to provide promptly either
positive notice to the consumer when the credit is made as
scheduled, or negative notice to the consumer when the credit is
not made as scheduled, in accordance with regulations of the Board.
The means of notice elected shall be disclosed to the consumer in
accordance with section 1693c of this title.
(c) Periodic statement; contents
A financial institution shall provide each consumer with a
periodic statement for each account of such consumer that may be
accessed by means of an electronic fund transfer. Except as
provided in subsections (d) and (e) of this section, such statement
shall be provided at least monthly for each monthly or shorter
cycle in which an electronic fund transfer affecting the account
has occurred, or every three months, whichever is more frequent.
The statement, which may include information regarding transactions
other than electronic fund transfers, shall clearly set forth -
(1) with regard to each electronic fund transfer during the
period, the information described in subsection (a) of this
section, which may be provided on an accompanying document;
(2) the amount of any fee or charge assessed by the financial
institution during the period for electronic fund transfers or
for account maintenance;
(3) the balances in the consumer's account at the beginning of
the period and at the close of the period; and
(4) the address and telephone number to be used by the
financial institution for the purpose of receiving any statement
inquiry or notice of account error from the consumer. Such
address and telephone number shall be preceded by the caption
"Direct Inquiries To:" or other similar language indicating that
the address and number are to be used for such inquiries or
notices.
(d) Consumer passbook accounts
In the case of a consumer's passbook account which may not be
accessed by electronic fund transfers other than preauthorized
electronic fund transfers crediting the account, a financial
institution may, in lieu of complying with the requirements of
subsection (c) of this section, upon presentation of the passbook
provide the consumer in writing with the amount and date of each
such transfer involving the account since the passbook was last
presented.
(e) Accounts other than passbook accounts
In the case of a consumer's account, other than a passbook
account, which may not be accessed by electronic fund transfers
other than preauthorized electronic fund transfers crediting the
account, the financial institution may provide a periodic statement
on a quarterly basis which otherwise complies with the requirements
of subsection (c) of this section.
(f) Documentation as evidence
In any action involving a consumer, any documentation required by
this section to be given to the consumer which indicates that an
electronic fund transfer was made to another person shall be
admissible as evidence of such transfer and shall constitute prima
facie proof that such transfer was made.