Wis. Admin. Code Department of Financial Institutions § DFI-SB 12.08 - Customer service and disclosure requirements

Current through March 28, 2022

(1) PERIODIC STATEMENTS. A savings bank shall provide each customer with a periodic statement of each account of the customer that is accessible through a remote service unit. The statement shall be provided on a monthly basis for each month in which a transaction occurs, or once every 3 months, whichever is more frequent. The statement shall identify the date, location and nature of each transaction. An account statement issued under this subsection may include transactions made through a remote service unit.

(2) TRANSACTION DOCUMENTATION. Every transfer of funds made through a remote service unit by a customer of a savings bank shall be evidenced by a written document made available to the customer at the time of the transaction. The document shall indicate with reasonable specificity the identity of any third party to whom funds are electronically transferred, the identity of the customer's account, the amount of funds transferred, the type of transaction and the date of the transaction. A customer may be required to reenter an access device, such as a card, at a terminal in order to receive transaction documentation if all the following conditions are met:

(a) The terminal simultaneously controls distribution of products at several locations on the same site to more than one customer;

(b) Each customer must remove the access device from the terminal and move to another location in order to complete the transaction; and

(c) The terminal cannot produce transaction documentation for a particular transaction until the customer completes distribution of the product and the amount of the transaction is known.

(3) WRITTEN DISCLOSURE OF SERVICES AND CHARGES. Each customer of a savings bank whose account with the savings bank is accessible through a remote service unit shall be provided with a written statement of the terms and conditions governing the account. The statement shall be provided at the time that the customer is issued a card or other means providing access through the remote service unit, and whenever the terms and conditions governing the account are amended. The statement shall set out:

(a) Applicable limitations on the customer's liability for unauthorized use of the means providing access through the remote service unit, and the address and telephone number of the person to be notified in the event that the means affording the customer access through the remote service unit is lost or stolen or the customer otherwise believes that unauthorized access to the account may be obtained.

(b) The customer's right to a periodic statement of transactions affecting the account.

(c) An initial disclosure of the specific transactions which, subject to the capabilities of individual terminals, may be performed through the remote service unit.

(d) Any charges to the customer for account maintenance or for the use of the remote service unit.

(e) Any limitation imposed on the number of remote service unit transactions permitted within any given period of time.

Notes

Wis. Admin. Code Department of Financial Institutions § DFI-SB 12.08

CR Register, February, 1994, No. 458, eff. 3-1-94.