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In 2009, the Federal Reserve Board (Board) amended Regulation E to prohibit overdraft fees for ATM and one-time debit card transactions, unless the consumer opts in or affirmatively consents to the overdraft services.
1005.7 Initial disclosures. (a) Timing of disclosures. A financial institution shall make the disclosures required by this section at the time a consumer contracts for an electronic fund transfer service or before the first electronic fund transfer is made involving the consumers account. (b) Content of disclosures.
Regulation E covers transactions that affect funds in consumer bank accounts, which means it doesnt cover credit card transactions, checks or wire transfers.
Disclosures required by Regulation E must be clear, easily understandable, in writing, and in a form consumers can keep. At the institutions option, disclosures required by other laws (for example, Truth in Lending disclosures) may be made in combination with Regulation E disclo sures.
Gift cards, stored-value cards, credit cards, and prepaid phone cards are excluded from the EFTA.
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An automated teller machine operator that imposes a fee on a consumer for initiating an electronic fund transfer or a balance inquiry must provide a notice that a fee will be imposed for providing electronic fund transfer services or a balance inquiry that discloses the amount of the fee.
Regulation E provides guidelines for consumers and banks or other financial institutions in the context of EFTs. These include transfers with automated teller machines (ATMs), point of sale transactions, and Automated Clearing House (ACH) systems.
These transactions do not fall under the Reg E umbrella: Fund transfers initiated by check or similar paper instruments. Wire transfers. Credit card transactions.

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