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Truncating Bank Receipts

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Question: 
The FACTA (fair and accurate credit transaction act) section 113 requires that account numbers on credit card receipts are truncated. Does the same apply to banking receipts? Is this covered by GLBA?
Answer: 

The FACTA provision only applies to debit and credit card transaction receipts and not to sales drafts imprinted using the old-fashioned machines. Neither FACTA nor GLBA addresses truncation of account numbers on deposit and withdrawal receipts/memos. The GLBA sections that you are thinking of are covered in Reg P, which does not specifically mention those slips. Truncating account numbers on receipts is, however, a best practice in my opinion.

First published on BankersOnline.com 7/28/08

First published on 07/28/2008

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