Electronic fund transfer service provider not holding consumer's account.

CFR · 2024-01-01 · US · Title 12

(a) (1) Issues a debit card (or other access device) that the consumer can use to access the consumer's account held by a financial institution; and (2) Has no agreement with the account-holding institution regarding such access. (b) (1) (i) The debit card (or other access device) issued to the consumer bears the service provider's name and an address or telephone number for making inquiries or giving notice of error; (ii) The consumer receives a notice concerning use of the debit card that is substantially similar to the notice contained in appendix A of this part; (iii) The consumer receives, on or with the receipts required by § 205.9(a), the address and telephone number to be used for an inquiry, to give notice of an error, or to report the loss or theft of the debit card; (iv) The service provider transmits to the account-holding institution the information specified in § 205.9(b)(1), in the format prescribed by the automated clearinghouse system used to clear the fund transfers; (v) The service provider extends the time period for notice of loss or theft of a debit card, set forth in § 205.6(b) (1) and (2), from two business days to four business days after the consumer learns of the loss or theft; and extends the time periods for reporting unauthorized transfers or errors, set forth in §§ 205.6(b)(3) and 205.11(b)(1)(i), from 60 days to 90 days following the transmittal of a periodic statement by the account-holding institution. (2) (ii) The service provider shall disc

official document · source cfr-2024 · id 12:§ 205.14