Section DFI-Bkg 14.08 - Customer service and disclosure requirements(1) PERIODIC STATEMENTS. A bank shall provide each customer with a periodic statement of each account of the customer accessible through a customer bank communications terminal. 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 customer bank communications terminal or otherwise.(2) TRANSACTION DOCUMENTATION. Except as provided in sub. (4), every transfer of funds through a customer bank communications terminal made by a customer of a 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 re-enter an access device, such as a card, at a terminal in order to receive transaction documentation if all of the following conditions are met: (a) The terminal simultaneously controls the 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.(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. Note: Paragraphs (a) to (c) apply, for example, to a terminal which monitors a series of gasoline pumps. Each customer must remove the card from the terminal in order to pump the gasoline and then re-enter the card in order to obtain a receipt.
(3) WRITTEN DISCLOSURE OF SERVICES AND CHARGES. Each customer of a bank whose account with the bank is accessible through a customer bank communications terminal shall be provided with a written statement of the terms and conditions governing the account. Such a statement shall be provided at the time that the customer is issued a card or other means affording access to the customer bank communications terminal, and whenever the terms and conditions governing the account are amended. The statement shall set out all of the following: (a) Applicable limitations on the customer's liability for unauthorized use of the means providing access to the customer bank communications terminal, and the address and telephone number of the person to be notified in the event that the means affording the customer access to the customer bank communications terminal 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 customer bank communications terminal.(d) Any charges to the customer for account maintenance or for the use of the customer bank communications terminal.(e) Any limitation imposed on the number of customer bank communications terminal transactions permitted within any given period of time.(4) EXCEPTION FOR WRITTEN DOCUMENT IN SMALL-VALUE TRANSFERS. A bank is not subject to the requirement to make available a written document under sub. (2) under any of the following circumstances:(a) The amount of the transfer is $15 or less.(b) At the time of the transaction, the customer declines to receive a written document.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 14.08
CR Register, November, 1976, No. 251, eff. 12-1-76; renum. (2) to be (2) (intro.) and am., CR (2) (a) to (c), Register, July, 1984, No. 343, eff. 8-1-84; am. (2) (intro.), Register, October, 1988, No. 394, eff. 11-1-88.Amended by, 2013 Wis. Act 136: am. (2) (intro.), cr. (4) Register March 2014 No. 699, eff. 4-1-14; CR 23-039: am. (2) (a), (b), (3) (intro.), renum. (4) to (4) (intro.), (a) and am., cr. (4) (b) Register February 2024 No. 819, eff. 4/1/2024