15 U.S.C. § 1693d — Documentation of transfers

Page 1649 TITLE 15—COMMERCE AND TRADE § 1693e Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 1693d. Documentation of transfers (a) Availability of written documentation to con- sumer; contents For each electronic fund transfer initiated by a consumer from an electronic terminal, the fi- nancial institution holding such consumer’s ac- count shall, directly or indirectly, at the time the transfer is initiated, make available to the consumer written documentation of such trans- fer. The documentation shall clearly set forth to the extent applicable— (1) the amount involved and date the trans- fer 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 elec- tronic 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 trans- fer 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 ac- cordance with regulations of the Bureau. 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 con- sumer with a periodic statement for each ac- count of such consumer that may be accessed by means of an electronic fund transfer. Except as provided in subsections (d) and (e), such state- ment shall be provided at least monthly for each monthly or shorter cycle in which an electronic fund transfer affecting the account has oc- curred, or every three months, whichever is more frequent. The statement, which may in- clude information regarding transactions other than electronic fund transfers, shall clearly set forth— (1) with regard to each electronic fund trans- fer during the period, the information de- scribed in subsection (a), which may be pro- vided 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 pur- pose of receiving any statement inquiry or no- tice of account error from the consumer. Such address and telephone number shall be pre- ceded by the caption ‘‘Direct Inquiries To:’’ or other similar language indicating that the ad- dress and number are to be used for such in- quiries 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), upon presen- tation of the passbook provide the consumer in writing with the amount and date of each such transfer involving the account since the pass- book 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 pro- vide a periodic statement on a quarterly basis which otherwise complies with the requirements of subsection (c). (f) Documentation as evidence In any action involving a consumer, any docu- mentation required by this section to be given to the consumer which indicates that an elec- tronic 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. (Pub. L. 90–321, title IX, § 906, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3731; amended Pub. L. 111–203, title X, § 1084(1), July 21, 2010, 124 Stat. 2081.) Editorial Notes AMENDMENTS 2010—Subsec. (b). Pub. L. 111–203 substituted ‘‘Bu- reau’’ for ‘‘Board’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 1693e. Preauthorized transfers (a) A preauthorized electronic fund transfer from a consumer’s account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the con- sumer when made. A consumer may stop pay- ment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within four- teen days of an oral notification if, when the oral notification is made, the consumer is ad- vised of such requirement and the address to which such confirmation should be sent.