Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)

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Q58 – Should the EFT Code require that transaction receipts not include the expiry date and/or other information that is not required for transaction confirmation purposes?

If the Clause is amended to become a binding contractual requirement that the receipt should not reveal the customer’s full name or account number this will allow financial institutions to meet the requirement in a number of flexible, innovative ways. In the absence of a full name or account number, other information (e.g. expiry date) should not present any risk.

The specific requirement not to include an expiry date or other information ‘not required’ suggested in the ASIC Consultation paper may be too technology specific. The current Clause should be retained (as a binding contractual requirement).

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