Yes, we believe that you must provide new Regulation E disclosures in this situation, because your bank is issuing the debit card a year after the account was opened and the initial disclosures were provided.

Regulation E does permit financial institutions to provide early disclosures covering all of its EFT services, even for customers who are not using all of those EFT services, and it does not require a new disclosure when a customer adds a new EFT service within “close proximity” to the initial full disclosure. Here, because the customer added the debit card a full year after the original disclosure was provided, we believe you should provide the disclosures again so that they are given in “close proximity” to the new EFT service.

For resources related to our guidance, please see below:

• Official Interpretations, 12 CFR 1005, Paragraph 7(a), Comment 1 (“if an agreement for EFT services to be provided by an account-holding institution is directly between the consumer and the account-holding institution, disclosures must be given in close proximity to the event requiring disclosure, for example, when the consumer contracts for a new service.”)
• Official Interpretations, 12 CFR 1005, Paragraph 7(a), Comment 5 (“An institution may provide disclosures covering all EFT services that it offers, even if some consumers have not arranged to use all services.”)
• Official Interpretations, 12 CFR 1005, Paragraph 7(a), Comment 3 (“If a consumer opens a new account permitting EFTs at a financial institution, and the consumer already has received Regulation E disclosures for another account at that institution, the institution need only disclose terms and conditions that differ from those previously given.”)
• Regulation E, 12 CFR 1005.7(c) (“If an electronic fund transfer service is added to a consumer's account and is subject to terms and conditions different from those described in the initial disclosures, disclosures for the new service are required.”)