A summary of your right to receive documentation of transfers, to stop payment on a pre-authorized transfer, and the procedures to follow to stop payment. A notice describing the procedures you must follow to report an error on a receipt for an EFT or your periodic statement, to request more information about a transfer listed on your statement, and how long you have to make your report. A summary of the institution s liability to you if it fails to make or stop certain transactions. Circumstances under which the institution will disclose information to third parties concerning your account. In addition to these disclosures, you will receive two other types of important information for most transactions terminal receipts and periodic statements.
Separate rules apply to passbook accounts from which pre-authorized transfers are drawn.
The best source of information about those rules is your contract for that account. You will not receive a terminal receipt for recurring electronic payments that you have authorized in advance, such as insurance premiums, mortgages, or utility bills. Instead, these preauthorized transfers will appear on your periodic statement. If the preauthorized payments vary, however, you should receive a notice of the amount that will be debited at least 10 days before the debit takes place. You also are entitled to a periodic statement for each statement cycle in which an electronic transfer is made.