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Currency Conversion Language/Rates

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Question: 
Where would I find the currency conversion language/rates that are required in the initial EFT Disclosure? Does it have to include specific fees that will be charged (for example a .9% Cross Border fee) or is the general information that a fee will be charged sufficient?
Answer: 

Fee disclosures must be specific as to the amount of the fee and the circumstances under which a fee will be charged. In the case of a cross border fee that you are passing along to your customer, the specific percentage must be disclosed so the consumer will know how much the fee will be and can compare the costs of debit card use at multiple institutions. Your card processor will have the specific cross border fee percentages that you are being charged. Regulation E does not prescribe specific language for any fee disclosure. It simply states that disclosures must be "clear and conspicuous." Many forms vendors have developed their own fee language and can assist you in developing disclosures for a price.

First published on 12/12/2015

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