§ 1693d. — Documentation of transfers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1693d]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER VI--ELECTRONIC FUND TRANSFERS
Sec. 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.
(Pub. L. 90-321, title IX, Sec. 906, as added Pub. L. 95-630, title XX,
Sec. 2001, Nov. 10, 1978, 92 Stat. 3731.)
Section Referred to in Other Sections
This section is referred to in sections 1693c, 1693f, 1693g of this
title.
