Wednesday, September 24, in Room 2128 of the Rayburn House Office Building, Chairwoman Marge Roukema said today.
Debit cards look like a credit card and are accepted by most merchants the same as a credit card.
Instead of extending credit and sending a monthly bill, however, the issuers take money immediately from the users' checking accounts. This law does not apply to debit cards, however. In an effort to address this potential exposure, the industry recently adopted new policies designed to protect consumers from unwarranted use. The unsolicited loan check is a valid check sent out by financial institutions to consumers, who are responsible for repayment of the loan if the check is cashed. Live checks must conform with Truth in Lending Act disclosure requirements.