The Electronic Fund Transfer Act (EFTA)

  • Date: May 17, 2011
  • Source:

The Electronic Fund Transfer Act (EFTA) (15 USC 1693 et seq.) of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs). EFT services include transfers through automated teller machines, point-of-sale terminals, automated clearinghouse systems, telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remotebanking programs.

The Board amended Regulation E to add § 205.17, prohibiting institutions from charging overdraft fees for ATM and point of sale (POS) transactions unless the consumer affirmatively consents (74 Fed. Reg. 59033 (Nov. 17, 2009) and 75 Fed. Reg 31665 June 4, 2010). The Board also added § 205.20 to restrict fees and expiration dates on gift cards, and to require that gift card terms be clearly stated (75 Fed. Reg. 16580 (April 1, 2010).

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