Definitions.

CFR · 2024-01-01 · US · Title 12

Except as otherwise provided in subpart B, for purposes of this part, the following definitions apply: (a)(1) “Access device” means a card, code, or other means of access to a consumer's account, or any combination thereof, that may be used by the consumer to initiate electronic fund transfers. (2) An access device becomes an “accepted access device” when the consumer: (i) Requests and receives, or signs, or uses (or authorizes another to use) the access device to transfer money between accounts or to obtain money, property, or services; (ii) Requests validation of an access device issued on an unsolicited basis; or (iii) Receives an access device in renewal of, or in substitution for, an accepted access device from either the financial institution that initially issued the device or a successor. (b)(1) “Account” means a demand deposit (checking), savings, or other consumer asset account (other than an occasional or incidental credit balance in a credit plan) held directly or indirectly by a financial institution and established primarily for personal, family, or household purposes. (2) The term does not include an account held by a financial institution under a bona fide trust agreement. (3) The term includes a prepaid account. (i) “Prepaid account” means: (A) A “payroll card account,” which is an account that is directly or indirectly established through an employer and to which electronic fund transfers of the consumer's wages, salary, or other employee compensation (such

official document · source cfr-2024 · id 12:§ 1005.2