Substitute Check Disclosure

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Question:

Is Substitute Check Disclosure required at account opening?

Answer:

A substitute check disclosure, required by Section 229.57 of Regulation CC, is required for a consumer account if the bank returns paid checks with periodic statements on the account. It is not required if the bank provides no items with the statement or if it supplies only images of items.

First published on BankersOnline.com 5/18/09