What is everyone doing with the disclosure requirement of EFund? We are giving this disclosure with new accounts, what are you doing with existing customers?

E-Fund?

Bankers System called here this morning wanting to know if we were interested in buying extra disclosures. This has to do with a merchant running your check as an electronic transaction and returning the check back to you. Make sense??? I haven't read about this one yet.

In an e-check conversion the customer normally walks away with the check. Is this what you are referring to when you say the check comes back to "you", meaning the customer?

The FRB or FDIC had a good brochure on understanding e-check conversions and we have discussed them here on BOL before.

Marsha -
This change was made to Reg E back in the spring of 2001, I believe. Search the message threads for "Electronic Check" and you will find a number of different discussions we've had.

In regards to your disclosure question: Our EFT disclosure has been updated so all new customers are OK. We sent out a one-time "update" to our existing customers when the change to Reg E was made. We found that to be our most economical option.

We ordered "one time" disclosures from Bankers Systems and mailed to our existing customers as a statement stuffer. We also updated our new account disclosures.