Reg E Disclosures & VISA Check Cards

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Question:

With new visa rule as of April 4, 2000, should we revise our Reg E disclosures to reflect the changes to VISA Check Cards? Also, the new rule reads "only to Visa Credit and debit card transactions processed OVER THE VISA NETWORK ". Do we have to disclose this also to the consumer?

Answer:

I don't know what those VISA rules are, but Reg. E, 205.7, requires certain disclosures to the consumers regarding their contract with the bank. If these VISA rules are part of the initial disclosures required, such as liability limits, then they should be.

First published on BankersOnline.com 3/4/02