Prior to permitting a customer or member to engage in transactions in such person's account with a financial institution through use of a satellite terminal, the financial institution shall provide such person with a written statement which sets forth the terms under which such transactions will be permitted, including, but not limited to, the following information:
1. The specific transactions which, subject to the capabilities of individual satellite terminals, may be performed through a satellite terminal by such person.
2. The fixed charges, if any, for permitting such person to engage in transactions through a satellite terminal.
The charges, if any, for individual transactions engaged in through a satellite terminal, and the method for determining such charges.
3. The minimum balance, if any, which must be maintained by such person in an account with a financial institution as a condition for engaging in transactions in such account through a satellite terminal.
4. The limitation on the liability of the customer or member for losses incurred by such person as a result of transactions through a satellite terminal which were not authorized by such person or to which such person was not a party.
5. The legal status of receipts issued from a satellite terminal.
6. The right of the customer or member to a description of transactions performed through a satellite terminal on any periodic statement of an account of such person affected by such transactions.
7. The right of the customer or member to seek correction of any errors believed by such person to have been made as a result of any transaction through a satellite terminal affecting an account of such person with the financial institution.
[C77, 79, 81, § 527.6]
Iowa General Assembly
Search: Iowa Code 1995
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