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. Reg. 59033 (Nov. 17, 2009) and75 Fed. Reg. 31665 (June 4, 2010)). The Boardalso amended Regulation E to restrict fees andexpiration dates on gift cards and to require thatgift card terms be stated clearly (75 Fed.)
Regulation E Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. 1693 et seq.) of 1978 is intended to protect individual consumers engaging in electronic fund
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