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Requirements for Terminal Location on Statement

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Question: 
What are the requirements for terminal location on periodic statements when it is a debit card purchase from a website?
Answer: 

3. Terminal location/third party. A single entry may be used to identify both the terminal location and the name of the third party to or from whom funds are transferred. For example, if a consumer purchases goods from a merchant, the name of the party to whom funds are transferred (the merchant) and the location of the terminal where the transfer is initiated will be satisfied by a disclosure such as "XYZ Store, Anytown, Ohio." [Regulation E, Comment 9(b)(1)(v)-3.]

First published on BankersOnline.com 6/11/12.

First published on 06/11/2012

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