Posted By: Dsalarey
Debit card application - 11/07/12 02:29 PM
Is it necessary to have a customer complete a debit card application for a new card when they have already agreed to the terms and conditions of the account which includes the electronic fund transfers rights and responsibilities?
Posted By: rlcarey
Re: Debit card application - 11/07/12 02:41 PM
Documentation will be the key whether that is a written application or other record of the request:
ยง 1005.5 Issuance of access devices.
(a) Solicited issuance. Except as provided in paragraph (b) of this section, a financial institution may issue an access device to a consumer only:
(1) In response to an oral or written request for the device; or
(2) As a renewal of, or in substitution for, an accepted access device whether issued by the institution or a successor.