Section 63.08. Customer service and disclosure requirement.

 

(1)   Periodic statements. A credit union shall provide each customer with a periodic statement of each account of the customer accessible through a remote 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 remote terminal or otherwise.

(2)   Transaction documentation. Except as provided in sub. (4) , every transfer of funds through a remote terminal made by a customer of a credit union 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 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; 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 credit union whose account with the credit union is accessible through a remote 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 remote terminal, 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 to the remote 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 remote 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 remote terminal.

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

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

(4)   Exception for written document in small-value transfers. A credit union is not subject to the requirement to make available a written document under sub. (2) if the amount of the transfer is $15 or less.

Cr. Register, March, 1978, No. 267 , eff. 4-1-78; 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; 2013 Wis. Act 136 : am. (2) (intro.), cr. (4) Register March 2014 No. 699 , eff. 4-1-14.

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 reenter the card in order to obtain a receipt. Microsoft Windows NT 6.1.7601 Service Pack 1