On July 5, 2007 the Federal Reserve Board issued a final rule amending Regulation E, and the official staff commentary that financial institutions make a receipt available at the time a consumer initiates an electronic fund transfer (EFT) at an electronic terminal. The final rule creates an exception from this requirement for EFTs of $15 or less. The effective date for this change is August 6, 2007.

 

As you will notice very little time was allowed for compliance.  Under the Electronic Funds Transfer Act, using model language only provides a safe harbor if it is appropriate. The model language states that the consumer can get a receipt for "any" transfer, which is no longer accurate. So I am not sure that you will be able to rely on the safe harbor, since the model language is no longer accurate, possibly deceptive and therefore not appropriate.

 

National Bank Products is revising the paragraph concerning receipts in the initial EFT disclosures we produce for our customers.  This will be done as new or repeat orders are placed. Below is the verbiage we are adding:

 

As of August 6, 2007 some terminals may not provide a receipt for ATM or POS transactions of $15.00 or less. 

NBP has created a statement stuffer/insert that can be used immediately to inform your customers about the changes. Please call our office or your sales representative for more information.

 

You may take some comfort in the knowledge that few, if any, retailers will have receipt-less machines in place by August 6th.