Electronic Fund Transfer Act - Federal Reserve Board 2025

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What types of transactions are covered under Reg E? Point-of-sale transfers. ATM transfers. Direct deposits and withdrawals (Automated Clearing House, or ACH, transfers) Debit card transactions. Fund transfers via telephone, such as a bill payment. Person-to-person payments, using Zelle, for example. Gift cards.
EFTs have become a popular mode of money transfer in the US because they are easy and dont require very much bank employee intervention. As such, they have made paper checks all but obsolete, especially for businesses that can save time and money using EFTs.
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 transfers (EFTs) and remittance transfers.
The European Free Trade Association (EFTA) is an intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its four Member States Iceland, Liechtenstein, Norway and Switzerland and of their trading partners across the globe.
Rulemaking authority under EFTA generally transferred from the Federal Reserve Board to the CFPB in July 2011 pursuant to the Dodd-Frank Wall Act.

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Electronic funds transfers (EFTs) are transactions that move funds electronically between different financial institutions, bank accounts, or individuals. EFTs are frequently referred to as electronic bank transfers, e-checks, or electronic payments.

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