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 F)
to initiate a one-time electronic fund transfer from a consumer’s account. The consumer must authorize the transfer (12 CFR 1005.3(b)(2)) Electronic fund transfer (EFT) is a transfer of funds initiated through an electronic terminal, telephone, computer (including online banking) or magnetic tape for the purpose of ordering, instruct-
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