15 USC 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
Terms Used In 15 USC 1693d
- account: means a demand deposit, savings deposit, or other asset account (other than an occasional or incidental credit balance in an open end credit plan as defined in section 1602(i) 1 of this title), as described in regulations of the Bureau, established primarily for personal, family, or household purposes, but such term does not include an account held by a financial institution pursuant to a bona fide trust agreement. See 15 USC 1693a
- Bureau: means the Bureau of Consumer Financial Protection. See 15 USC 1693a
- consumer: means a natural person. See 15 USC 1693a
- electronic fund transfer: means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. See 15 USC 1693a
- electronic terminal: means an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer. See 15 USC 1693a
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- financial institution: means a State or National bank, a State or Federal savings and loan association, a mutual savings bank, a State or Federal credit union, or any other person who, directly or indirectly, holds an account belonging to a consumer. See 15 USC 1693a
- preauthorized electronic fund transfer: means an electronic fund transfer authorized in advance to recur at substantially regular intervals. See 15 USC 1693a
- Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1
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) 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), 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) 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 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).
(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.