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Wording for EFT Disclosures (Business Check Cards)

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Are there guidelines for wording that may be used in EFT disclosures for business check cards?

There is no "one-size-fits-all" answer to this question. Since Regulation E doesn't cover business-purpose accounts, the terms of your business customer card agreement should include a reference to any Visa or MasterCard zero liability provision that applies to the card (particularly for any small business card program). Beyond that, you should determine, with the advice of bank counsel, the parameters of the card agreement that will best reflect your business needs.

First published on 11/03/2014

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