TeleCheck® Regulation E Resource

Regulation E ("Reg E") carries out the purposes of the federal law known as the Electronic Fund Transfer Act. Reg E applies to merchants that conduct electronic check transactions for consumers. The Federal Reserve Board recently amended Reg E and the new Reg E amendments will require these merchants to provide consumers with certain new disclosures.

The Reg E amendments will affect merchants as follows: 1) new decal language must be posted at the point-of-sale in a prominent and conspicuous location that includes both the disclosure for the principle, as well as the exact amount of the Return Fee and/or a description of how the fee will be calculated; and 2) consumers must be provided a copy of the disclosure language.

All TeleCheck ECA® and TeleCheck PayItSM services are impacted by this change.

The signage the customers see and the receipt they will sign will have additional language to clarify what takes place in an electronic transaction. Other than new language on the decal and the receipt, it will not affect your business or your interaction with your customers.

TeleCheck began mailing the decals in September 2006.

TeleCheck will provide decals for merchants to post at each of their point-of-sale terminals. In addition, you will be provided "EASY" 3-STEP SELF-DOWNLOAD INSTRUCTIONS to update your Eclipse terminal application with the Reg E requirements. The download takes less than seven minutes! We will also provide a demo check to run a test transaction to verify that your updates have been completed successfully.

Yes, because appropriate language is also required to be printed on the consumer’s receipt, TeleCheck will send out self-download instructions for merchants to perform the partial download update. If a merchant experiences a problem in completing the compliance update, or if you do not have an Eclipse® terminal, please contact the POS Help Desk at 1-800-366-1054 for downloading assistance.

All signage/decals at each register must be updated at all merchant locations.

The new decal will replace the existing TeleCheck decals you have posted, and will need to be in place before January 1, 2007.

Yes, all point-of-sale equipment (including all types of terminals and cash registers) that process electronic checks will need to be updated with Regulation E amendment changes via a partial check download by January 1, 2008.

No more than 7 minutes per terminal.

No. Completing the partial download process will not require the credit card programming to be reinstalled.

Yes, this is a change mandated by the Federal Reserve Board.

The Federal Reserve Board requires all merchants to update decal signage by January 1, 2007. All terminal updates which include the return fee amount for the disclosures provided to consumers, must be updated by January 1, 2008.

The Federal Trade Commission has the right to enforce all federal laws, including assessing financial penalties and initiating lawsuits, if compliance is not met by the deadlines.

The merchant will ultimately be responsible to ensure they are in compliance with the Reg E amendments. TeleCheck will provide assistance to help the merchant meet the compliance dates of January 1, 2007, and January 1, 2008.

Please contact Merchant Services Customer Service at 1-800-366-1054.

Please contact your assigned First Data or TeleCheck representative. If you do not have an assigned representative, please contact Merchant Services at 1-800-366-1054 for more information.