Must POS Terminals Provide Receipts?

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Question:

Is there a regulation that states that the point of sale terminals have to provide a receipt to the customer? Should this be a part to the EFT disclosures that are given to the customer?

Answer:

Regulation E Section 205.9(a) requires that an electronic terminal (which includes a point of sale terminal) must provide a receipt with specific information for each transaction with an ATM or debit card. There is an exception in Section 205.9(e) for transactions of $15 or less.

The fact that a consumer is entitled to a written receipt is a required portion of disclosures in connection with the issuance of an access device that can be used for ATM or POS transactions. The regulation includes model language for such a disclosure:"You can get a receipt at the time you make any transfer to or from your account using one of our [automated teller machines] [or] [point-of-sale terminals]."

First published on BankersOnline.com 9/06/10