Minnesota

Please be sure you have read State-Law Rules the Affect Electronic Funds Transfers before proceeding. The introduction describes the limitations of the following summary.

Contact Required

Financial institutions may not permit an account holder to make transactions at an electronic financial terminal unless they are made pursuant to a preexisting contractual agreement between the institution and the account holder. [Minnesota Stat. Section 47.63]

Advertising restrictions

Advertisements relating to electronic financial terminals may not be inaccurate or misleading. Such advertisements may not refer to a rate of interest paid on accounts (unless the advertisement is a direct mailing). [Minnesota Stat. Section 47.67]

Unauthorized Transfers

The financial institution is liable for all unauthorized withdrawals—unless the withdrawal was due to the loss or theft of the customer’s machine-readable card. If the customer’s machine-readable card is lost or stolen, the customer is liable for the first $50 of unauthorized transfers made prior to the time the financial institution is notified of the loss or theft. [Minnesota Stat. Section 47.69, Subd. 3] For purposes of this rule, the term “unauthorized withdrawal” means a withdrawal by a person other than the customer without actual authority to initiate the withdrawal and from which the customer receives no benefit. “Unauthorized withdrawal” does not include any of the following:
  • A withdrawal initiated by a person furnished with the card by the customer, unless the customer has notified the financial institution involved that transfers by that person are no longer authorized.
  • A transfer initiated with fraudulent intent by the customer or any person acting in concert with the customer.
  • A transfer initiated by the financial institution or its employee.

[Minnesota Stat. Section 47.69, Subd. 3]

Personal ID code—No social security numbers

The customer’s social security number may not be used as the personal identification number or as a code to activate any electronic financial terminal. [Minnesota Stat. Section 47.69, Subd. 4]

Receipt for each transaction

The customer must receive a receipt for each transaction initiated at a terminal. [Minnesota Stat. Section 47.69, Subd.6]

Receipt for each transaction

The financial institution must provide a periodic statement at least quarterly specifying the types, dates, and amounts of all electronic financial terminal transactions for the previous statement period. [Minnesota Stat. Section 47.69, Subd. 6]

Disclosures

The card issuer must make the following disclosures to the customer, in a written format using at least eight-point type, .075 inch computer type, or elite-size typewritten characters:
  1. The types of transactions that can be made at the terminals.
  2. The schedule of charges for use of the terminal.
  3. Restrictions or limits on the number or dollar amount of transactions.
  4. The frequency with which periodic statements are sent to the customer.
  5. Billing error procedures.
  6. How the card may be terminated by either the customer or the card issuer.
  7. The customary time needed to complete terminal transactions and any differential in time between the various permitted transactions initiated at the terminal.
  8. Whether and how a transaction in which the customer pays for goods or services may be reversed by the customer. Also, a statement that payment for goods or services made through a terminal does not affect the customer’s rights, etc., under existing law.
  9. The rules concerning liability for unauthorized withdrawals.
  10. A statement describing the customer’s right to bring an action for violating consumer privacy and unauthorized withdrawal rules and the amount recoverable.
  11. A statement to the effect that the privacy of the customers using the terminal will be protected by compliance with applicable privacy laws.

[Minnesota R. 2765.8160]