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

Summary

Banks and credit unions must give you a written record when you start an electronic fund transfer at a terminal. The record must show five things: the amount and date, the kind of transfer, which account was used, any third party involved, and where the terminal was. If your account is set to get the same preauthorized credit from the same payer at least once in each successive sixty-day period, the bank must either send positive notice when the credit is made or send negative notice when it is not made, unless the payer already tells you. Banks must tell you how they will give that notice. Banks must also send periodic statements for accounts that can be used with electronic transfers. Statements must be sent at least monthly when transfers occur, or every three months, whichever is more often. They must list each transfer (with the items above), any fees, the beginning and ending balances, and a “Direct Inquiries To:” address and phone number. For passbook accounts that only get preauthorized credits, the bank can write the amounts and dates in the passbook when you present it. For other accounts that only get preauthorized credits, the bank may give quarterly statements. Written transfer records that show money went to another person can be used in court and count as initial proof the transfer happened.

Title 15, §1693d

Commerce and Trade — Source: USLM XML via OLRC

(a)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)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 Bureau. The means of notice elected shall be disclosed to the consumer in accordance with section 1693c of this title.

(c)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), 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), 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)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 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)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).

(f)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.

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.

§1693d Documentation of Transfers