Electronic Fund Transfer Act

Electronic Fund Transfer Act

Other short titles	Financial Institutions Regulatory and Interest Rate Control Act of 1978 Change in Bank Control Act Change in Savings and Loan Control Act Depository Institution Management Interlocks Act Export-Import Bank Act Amendments Federal Financial Institutions Examination Council Act National Credit Union Central Liquidity Facility Act Right to Financial Privacy Act
Long title	An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.
Nicknames	American Arts Gold Medallion Act
Enacted by	the 95th United States Congress
Effective	November 10, 1978
Citations
Public law	95-630
Statutes at Large	92 Stat. 3641 aka 92 Stat. 3728
Codification
Titles amended	12 U.S.C.: Banks and Banking 15 U.S.C.: Commerce and Trade
U.S.C. sections amended	12 U.S.C. ch. 3 § 226 et seq. 15 U.S.C. ch. 41 § 1601 et seq. 15 U.S.C. ch. 41 § 1693 et seq.
Legislative history
Introduced in the House as H.R. 14279 by Fernand St. Germain (D-RI) on October 10, 1978 Committee consideration by House Banking, Finance, and Urban Affairs, Senate Banking, Housing, and Urban Affairs Passed the House on October 11, 1978 (passed) Passed the Senate on October 12, 1978 (passed) with amendment House agreed to Senate amendment on October 14, 1978 (341-32, in lieu of H.Res. 1439) with further amendment Senate agreed to House amendment on October 14, 1978 (agreed) Signed into law by President Jimmy Carter on November 10, 1978
Major amendments
Credit CARD Act of 2009

The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities.

The act was implemented in Federal Reserve Board Regulation E.

The EFT Act recognizes their right to nominate the financial institution to which such payments are to be made.

The EFT Act also prohibits a creditor or lender from requiring a consumer to repay a loan or other credit by electronic fund transfer, except when there is an overdraft on checking plans.

The financial institution must give the customer notice of their liability in case the card is lost or stolen. This must include a phone number for reporting the loss and a description of its error resolution process.

If a customer reports to the financial institution that their card is missing before any transactions takes place, they are not held responsible for any transaction that takes place after the report of a missing/stolen card.

A customer can be liable for unauthorized withdrawals if their card is lost or stolen and they do not follow certain criteria:

EFT is not a perfect system; therefore customers should still be diligent in reviewing their EFT statements for possible errors as they would with any other type of transaction. Should a customer notice that there has been an error in an electronic fund transfer relating to their account certain steps must be taken:

Under the Act, the customer must:

Under the Act, the financial institution must:

...
Wikipedia