Electronic Fund Transfer Act

Law:

15 U.S.C. §§ 1693-1693r

This Act (Title IX of the Consumer Credit Protection Act) establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems. The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers. The Credit CARD Act and the Dodd-Frank Act made substantial amendments to this Act.