Request for Comment on Adequacy of Existing Documents on Debit Card Fees - District Notice 04-35 -

ll★KFederal Reserve Bank of Dallas2200 N. PEARL ST.DALLAS, TX 75201-2272June 24, 2004Notice 04-35TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTRequest for Comment on Adequacy of Existing Disclosureson Debit Card FeesDETAILSThe Board of Governors is conducting a study about disclosures of debit card fees, atthe request of members of the U. S. Senate Committee on Banking, Housing, and Urban Affairs.In connection with the study, the Board is requesting public comment on whether the existingdisclosures required by the Electronic Fund Transfer Act adequately inform consumers of feesimposed by a financial institution that holds the consumer’s account and has issued a debit card(“account-holding institution”) when the debit card is used to make a purchase from a merchant(or other provider of services).The Board is also requesting the public’s views on the need for, and the potentialbenefits of, requiring additional disclosures in each periodic account activity statement to reflectfees imposed by account-holding institutions for debit card use. Lastly, the Board is requestingcomment on the benefits of requiring disclosure of the amount, source, and recipient of eachsuch fee, as well as a summary of the total amount of such fees for the period, and calendar yearto date.The Board must receive comments by July 23, 2004. Please address comments toJennifer J. Johnson, ...