Practical Law Glossary Item 3-575-2885 (Approx. 2 pages)
Glossary
Electronic Fund Transfer Act
The Electronic Fund Transfer Act (EFTA) (15 U.S.C. § 1693) was enacted in 1978 to protect 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 remote banking programs. Regulation E implements the EFTA.