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#2215586 - 06/12/19 06:12 PM EFT Disclosure update
Comprunx3 Offline
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Joined: Oct 2015
Posts: 86
I we change (more restrictive) the $ limit for debit card daily purchases is notification required to existing customer? If so what requires it and where is it codified?

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#2215590 - 06/12/19 06:48 PM Re: EFT Disclosure update Comprunx3
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
From Regulation E:

Sec. 1005.8 Change in terms notice; error resolution notice.
(a) Change in terms notice. (1) Prior notice required. A financial institution shall mail or deliver a written notice to the consumer, at least 21 days before the effective date, of any change in a term or condition required to be disclosed under § 1005.7(b) of this part if the change would result in:

(i) Increased fees for the consumer;

(ii) Increased liability for the consumer;

(iii) Fewer types of available electronic fund transfers; or

(iv) Stricter limitations on the frequency or dollar amount of transfers.
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#2215719 - 06/13/19 09:56 PM Re: EFT Disclosure update Comprunx3
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
If this was a security response you can notify them after the fact if it will be less than short term/temporary.
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