§1693e — Title 15 Commerce and Trade | U.S. Code

Summary

You must give written permission before an automatic electronic withdrawal is taken from your account, and you must get a copy of that permission. You can stop a scheduled transfer by telling your bank orally or in writing no later than three business days before the transfer. If you call to stop it, the bank may ask for a written confirmation within fourteen days only if it told you where to send it. If repeated transfers to the same person can change in amount, the bank or the person getting the money must give you reasonable advance notice before each transfer of the amount and the date, following rules from the Bureau.

Title 15, §1693e

Commerce and Trade — Source: USLM XML via OLRC

(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 consumer when made. A consumer may stop payment 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 fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.

(b)In the case of preauthorized transfers from a consumer’s account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Bureau, of the amount to be transferred and the scheduled date of the transfer.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (b). Pub. L. 111–203 substituted “Bureau” for “Board”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated 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