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#274234 - 11/11/04 11:00 PM Exchange Rate Disclosure Requirement-Eff 04/05
Anonymous
Unregistered

We offer debit cards. I ran across this VISA announcement that states a revised disclosure of exchange rate information relating to currency conversion is required to be provided to customers in writing by 04-02-05. We normally just give out our Reg E disclosure with each new debit card. It says nothing about "currency conversion". I have gone through many audits and never been informed of a "currency conversion" disclosure. Therefore, my question is..Is this something new, or have I been in the dark all these years? Do I assume I add this "currency conversion" disclosure with my Reg E disclosure or should I place this separate?

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Operations Compliance
#274235 - 11/12/04 01:16 PM Re: Exchange Rate Disclosure Requirement-Eff 04/05
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Visa agreed to require this disclosure as part of the settlement of lawsuits over the past several years. It relates to the cost of using the card in an international transaction. The sensible place to put it is in your Regulation E disclosures.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#274236 - 11/12/04 10:34 PM Re: Exchange Rate Disclosure Requirement-Eff 04/05
Anonymous
Unregistered

Where can I find the correct verbiage to add to my Reg E disclosure?

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#274237 - 11/14/04 05:29 PM Re: Exchange Rate Disclosure Requirement-Eff 04/05
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Ask your Visa representative, since Visa is imposing the requirement.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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