Electronic Fund Transfer Act


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Electronic Fund Transfer Act

Legislations in the United States, passed in 1978, that establishes rights and responsibilities for persons and institutions that use electronic funds transfers. Persons who discover errors on their statements have 60 days to report the error or they are responsible for the loss. Legal liability for lost or stolen EFT cards is limited provided that the financial institution is informed of the loss or theft.
References in periodicals archive ?
This bill would "amend the Electronic Fund Transfer Act to impose a fee for remittance transfers to certain foreign countries, and for other purposes.
This text examines the law of payment through problems meant to encourage students to focus on the statutory language in the Uniform Commercial Code, the Electronic Fund Transfer Act, and the Expedited Funds Availability Act, as well as illustrative cases.
Then, in 2001, the Federal Reserve Board adopted interim final rules establishing uniform standards for the electronic delivery of the disclosures mandated by the Equal Credit Opportunity Act (Regulation B), the Electronic Fund Transfer Act (Regulation E), the Consumer Leasing Act (Regulation M), the Truth in Lending Act (Regulation Z) and the Truth in Savings Act (Regulation DD).
Other employers have required that their employees receive wages through payroll debit cards (and thus required them to be subject to these fees), which, according to the federal Consumer Financial Protection Bureau, violates the Electronic Fund Transfer Act and its regulations.
District Judge Brian Miller denied Anderson's motion for class certification in his Electronic Fund Transfer Act case.
The proposed amendments are necessary to maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Lorentz also has extensive experience with a wide variety of other transactions and regulatory matters both in the United States and abroad, including the Electronic Fund Transfer Act, Regulation E, Truth-in-Lending, Regulation Z, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act, federal and state banking regulation, state money transmission and licensed lending laws, payment network rules, unclaimed property laws, the Bank Secrecy Act, FDIC insurance, and E-SIGN.
The enactment of Payment Systems and Electronic Fund Transfer Act in 2007 has provided a solid foundation for the development and safety of retail and wholesale payment systems including e-banking in the country by way of providing necessary guidelines and directions on protecting the consumer interest and maintaining the integrity, efficiency and reliability of payment systems in the country
The bill requires an owner or operator of an ATM to disclose such fees or surcharges in compliance with federal Regulation E,1 addressing electronic fund transfers, which was issued by the Board of governors of the Federal Reserve System, pursuant to the federal Electronic Fund Transfer Act.
The Federal Reserve Board published on August 19, 2005, proposed amendments to Regulation E (Electronic Fund Transfers), which implements the Electronic Fund Transfer Act, and to the regulation's official staff commentary that clarify the disclosure obligations of automated teller machine (ATM) operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM.
The Electronic Fund Transfer Act requires that financial institutions inform consumers of electronic transaction information-sharing practices.
The Electronic Fund Transfer Act says a bank can't hold you responsible for any unauthorized withdrawals if you report your card missing before it is used.
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