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Consumer Banking and Payments Law: 12 C.F.R. § 1005.17 Requirements for overdraft services.

(a) Definition. For purposes of this section, the term “overdraft service” means a service under which a financial institution assesses a fee or charge on a consumer’s account held by the institution for paying a transaction (including a check or other item) when the consumer has insufficient or unavailable funds in the account. The term “overdraft service” does not include any payment of overdrafts pursuant to:

Consumer Banking and Payments Law: 12 C.F.R. § 1005.30 Remittance transfer definitions.

For purposes of this subpart, the following definitions apply:

(a) “Agent” means an agent, authorized delegate, or person affiliated with a remittance transfer provider, as defined under State or other applicable law, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider.

(b) “Business day” means any day on which the offices of a remittance transfer provider are open to the public for carrying on substantially all business functions.

Consumer Banking and Payments Law: 12 C.F.R. § 1005.31 Disclosures.

(a) General form of disclosures.

(1) Clear and conspicuous. Disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section or § 1005.33(h)(3) must be clear and conspicuous. Disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section or § 1005.33(h)(3) may contain commonly accepted or readily understandable abbreviations or symbols.

Consumer Banking and Payments Law: 12 C.F.R. § 1005.32 Estimates.

(a) Temporary exception for insured institutions.

(1) General. For disclosures described in §§ 1005.31(b)(1) through (3) and 1005.36(a)(1) and (2), estimates may be provided in accordance with paragraph (c) of this section for the amounts required to be disclosed under § 1005.31(b)(1)(iv) through (vii), if:

(i) A remittance transfer provider cannot determine the exact amounts for reasons beyond its control;

Consumer Banking and Payments Law: 12 C.F.R. § 1005.33 Procedures for resolving errors.

(a) Definition of error.

(1) Types of transfers or inquiries covered. For purposes of this section, the term error means:

(i) An incorrect amount paid by a sender in connection with a remittance transfer unless the disclosure stated an estimate of the amount paid by a sender in accordance with § 1005.32(b)(2) and the difference results from application of the actual exchange rate, fees, and taxes, rather than any estimated amount;

Consumer Banking and Payments Law: 12 C.F.R. § 1005.34 Procedures for cancellation and refund of remittance transfers.

(a) Sender right of cancellation and refund. Except as provided in § 1005.36(c), a remittance transfer provider shall comply with the requirements of this section with respect to any oral or written request to cancel a remittance transfer from the sender that is received by the provider no later than 30 minutes after the sender makes payment in connection with the remittance transfer if:

Consumer Banking and Payments Law: Listing of Model Disclosure Clauses and Forms

A-1 Model Clauses for Unsolicited Issuance (§ 1005.5(b)(2))

A-2 Model Clauses for Initial Disclosures (§ 1005.7(b))

A-3 Model Forms for Error Resolution Notice (§§ 1005.7(b)(10) and 1005.8(b))

A-4 Model Form for Service-Providing Institutions (§ 1005.14(b)(1)(ii))

A-5 Model Forms for Government Agencies (§ 1005.15(e)(1) and (2))

A-6 Model Clauses for Authorizing One-Time Electronic Fund Transfers Using Information From a Check (§ 1005.3(b)(2))

Consumer Banking and Payments Law: A-1 Model Clauses for Unsolicited Issuance (§ 1005.5(b)(2))

(a) Accounts using cards. You cannot use the enclosed card to transfer money into or out of your account until we have validated it. If you do not want to use the card, please (destroy it at once by cutting it in half).

[Financial institution may add validation instructions here.]

(b) Accounts using codes. You cannot use the enclosed code to transfer money into or out of your account until we have validated it. If you do not want to use the code, please (destroy this notice at once).

Consumer Banking and Payments Law: A-3 Model Forms for Error Resolution Notice (§§ 1005.7(b)(10) and 1005.8(b))

(a) Initial and annual error resolution notice (§§ 1005.7(b)(10) and 1005.8(b)).

In Case of Errors or Questions About Your Electronic Transfers Telephone us at [insert telephone number] Write us at [insert address] [or email us at [insert email address]] as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

Consumer Banking and Payments Law: A-7 Model Clauses for Financial Institutions Offering Payroll Card Accounts (§ 1005.18(d) and (e)(3))

(a) Disclosure by financial institutions of information about obtaining account information for prepaid accounts (§ 1005.18(d)(1)(i)).

You may obtain information about the amount of money you have remaining in your prepaid account by calling [telephone number]. This information, along with a 12–month history of account transactions, is also available online at [internet address].

Consumer Banking and Payments Law: A-8 Model Clause for Electronic Collection of Returned Item Fees (§ 1005.3(b)(3))

If your payment is returned unpaid, you authorize [us/name of person collecting the fee electronically] to make a one-time electronic fund transfer from your account to collect a fee of [$_________]. [If your payment is returned unpaid, you authorize [us/name of person collecting the fee electronically] to make a one-time electronic fund transfer from your account to collect a fee. The fee will be determined [by]/[as follows]: [____________].]