12 C.F.R. 12 CFR--PART 205
Title 12 - Banks and Banking
Effective Date(s): July 1, 2007 4. In Appendix A to Part 205, new section A–7—Model Clauses For Financial Institutions Offering Payroll Card Accounts §205.18(c)) is added, as follows: * * * * * A–7—Model Clauses for Financial Institutions Offering Payroll Card Accounts (§205.18(c)) (a) Disclosure by financial institutions of information about obtaining account information for payroll card accounts. §205.18(c)(1). You may obtain information about the amount of money you have remaining in your payroll card account by calling [telephone number]. This information, along with a 60-day history of account transactions, is also available on-line at [Internet address]. You also have the right to obtain a 60-day written history of account transactions by calling [telephone number], or by writing us at [address]. (b) Disclosure of error-resolution procedures for financial institutions that provide alternative means of obtaining payroll card account information (§205.18(c)(1)(ii) and (c)(2)). In Case of Errors or Questions About Your Payroll Card Account Telephone us at [telephone number] or Write us at [address] [or E-mail us at [electronic mail address]] as soon as you can, if you think an error has occurred in your payroll card account. We must hear from you no later than 60 days after the earlier of the date you electronically access your account or the date we sent the FIRST written history on which the error appeared. You may request a written history of your transactions at any time by [calling us at [telephone number] [writing us at [address]]]. You will need to tell us: Your name and [payroll card account] number. Why you believe there is an error, and the dollar amount involved. Approximately when the error took place. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. If you need more information about our error-resolution procedures, call us at [telephone number] [the telephone number shown above] [[or visit [Internet address]]].
Amendment from January 10, 2006
12 CFR--PART 205
Amendment(s) published January 10, 2006, in 71 FR 1482
