Mobile Wallets - EFT Disc. and Terms/Conditions

Posted By: Getting_Grayer

Mobile Wallets - EFT Disc. and Terms/Conditions - 03/23/20 04:01 PM

We are in the process of getting set up for mobile wallets (Apple, Google, Samsung) for our debit cards and I have a few questions to those who have set up for this service.

1) Did you add the mobile wallet to your EFT Disclosure as an EFT service offered by the bank?
2) If you did, did you redisclose to all your consumer customers?

We are having a discussion about the Terms/Conditions that are provided to the consumer when they add their debit card. The company that is assisting us does not have a template for such language, and is stating that our EFT should be the document referenced in the T/C either by a link or providing the document. I am not sold on this, thinking that the T/C is an agreement between the bank and the consumer about the service, not about the bank's EFT responsibilities (a contractual agreement).

3) How did your bank handle the Terms/Conditions language that is presented to the consumer?
4) If different from your EFT, would anybody be interested in sharing what they provided?

Thank you in advance. Be safe and healthy!