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

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Q57 – Should the EFT Code require that transaction receipts include only a truncated version of the account number?

It may be easier in this case to relay on a negative test rather than a positive requirement. 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.

The positive requirement (truncation) 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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