Answer by Randy Carey:Sec. 205.3 Coverage.
(a) General. This part applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer’s account. Generally, this part applies to financial institutions. For purposes of Section Section 205.3(b)(2) and (b)(3), 205.10(b), (d), and (e) and 205.13, this part applies to any person.
Since receipts are covered under 205.9, the answer would be no. However, their merchant agreements with their processors, i.e., VISA, may have specific requirements.
Answer by John Burnett:Strangely enough, the issuance of a receipt for EFTs at electronic terminals is the responsibility of the financial institution holding the consumer's account (or providing the consumer access to EFT services). If your customer fails to receive a transaction receipt for an EFT of more than $15 at an electronic terminal, it's your responsibility. As a practical matter, card issuers aren't tagged with penalties when this happens. It's not an enforceable requirement.
First published on BankersOnline.com 1/21/08