The Federal Reserve Board issued a final rule to create an exception for transactions of $15 or less from Regulation E’s requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. In addition, a revision to the Regulation E Commentary clarifies that the fact that a financial institution does not make a terminal receipt available for an EFT of $15 or less is not an error for purposes of the error resolution provisions in 12 CFR Section 205.11.
Regulation E implements the Electronic Fund Transfer Act (EFTA). Under the EFTA and Regulation E, financial institutions must make a receipt available at the time a consumer initiates an EFT at an electronic terminal. For this purpose, electronic terminals include ATMs and POS terminals. The receipt requirement applies whenever an EFT is made at an electronic terminal, and prior to adoption of the new rule, applied regardless of the transaction amount.
The rule is intended to facilitate the ability of consumers to use debit cards in retail environments where making receipts available may not be practical or cost effective and became effective on August 6, 2007.