Electronic Funds Transfers (EFT) aka Regulation E.

Due to the advent of electronic banking, we need to keep the EFT Act in mind any time we add or change a product. The Reg was put into place to protect the consumer from the likes of YOU! The Act places virtually all liability for EFT-related errors on the financial institution.

Regulation E outlines the rights, liabilities, and responsibilities of the credit union and members in electronic fund transfer systems such as ATM transfers, bill-payment services, point-of-sale (POS) terminal transfers in stores, and pre-authorized transfers from or to a consumer's account (such as direct deposit and social security payments).

You say you love disclosures? Reg E has plenty, including: the Initial Disclosure, changes in terms, on statements, at electronic terminals, on receipts, pre-authorization, and more!

The EFT Act applies to all financial institutions. Here's a link to the entire Act on FDIC's site. http://www.fdic.gov/regulations/laws/rules/6500-3100.html

Do you have an EFT-related member complaint dispute? Read your EFT disclosures before deciding how resolve to the problem. It could save you from legal/regulatory headaches.