Transcription of Regulation E Electronic Fund Transfer Act
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Regulation E Electronic Fund Transfer Act
Regulation EElectronic fund Transfer ActThe Electronic fund Transfer Act (EFTA) (15 seq.) of 1978 is intended to protectindividual consumers engaging in Electronic fundtransfers (EFTs) and remittance transfers. Theseservices include transfers through automated teller machines(ATMs); point-of-sale (POS) terminals; automated clearinghouse (ACH) systems; telephone bill-payment plans in which periodic orrecurring transfers are contemplated; remote banking programs; and remittance EFTA is implemented through Regulation E,which includes official 2009, the Federal Reserve Board (Board)amended Regulation E to prohibit institutions fromcharging overdraft fees for ATM and one-time debitcard transactions, unless the consumer opts in oraffirmatively consents to the institution s overdraftservices (74 Fed.)
funds initiated through an electronic terminal, telephone, computer (including online banking) or ... • issued in paper form only; or • redeemable solely for admission to events or venues at a particular location or group of affiliated locations, or to obtain goods or services ... Electronic Fund Transfer Act.
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