Transcription of Regulation E Electronic Fund Transfer Act - Federal Reserve
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Regulation E Electronic Fund Transfer Act - Federal Reserve
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.)
charging overdraft fees for ATM and one-time debit card transactions, unless the consumer opts in or affirmatively consents to the institution’s overdraft services (74 Fed. Reg. 59033 (Nov. 17, 2009) and 75 Fed. Reg. 31665 (June 4, 2010)). The Board also amended Regulation E to restrict fees and expiration dates on gift cards and to require that
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