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From: Marcia Mullins Subject: Electronic Fund Transfers Comments - federalreserve

From: Marcia Mullins Subject: Electronic Fund Transfers Comments - federalreserve 2025

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Marcia Mullins expresses her concerns regarding unfair banking practices related to overdraft fees and electronic fund transfers in her comments to the Federal Reserve. She highlights the lack of transparency from banks about 'overdraft protection' policies, which often lead to excessive fees for customers. Mullins argues that banks should be required to inform customers about these policies at account opening and allow them to opt-out. She also criticizes the practice of prioritizing larger charges over smaller ones, resulting in multiple overdraft fees from minor overdrafts. Additionally, she calls for immediate crediting of electronic funds to customer accounts.

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What is the main purpose of the EFTA?

Peer-to-peer payments are electronic funds transfers (EFTs) made through mobile apps or the Internet to transfer money electronically between them. Examples of peer-to-peer payment systems include PayPal, Venmo, Zelle, Apple Cash, and eWallet apps where both parties (the payer and payee receiver) have accounts.

What is the electronic fund transfer disclosure?

The Electronic Fund Transfer Act and Regulation E require institutions to provide certain information to customers regarding electronic fund transfers (EFTs). This disclosure applies to any EFT service you receive from us related to an account established primarily for personal, family or household purposes.

What is electronic funds transfer disclosure?

Types of EFT payments ACH direct deposit. Direct deposit is a type of ACH transfer most commonly used to issue employee paychecks from employers. ACH direct payments. ACH direct debits. Wire transfer. ATM transactions. Debit cards. Peer-to-peer payments. Any electronic payment sent using bank account information.

What are the four types of EFT electronic funds transfer systems?

The Federal Reserve Banks provide the Fedwire Funds Service, a real-time gross settlement system that enables participants to initiate funds transfer that are immediate, final, and irrevocable once processed.

What do you mean by electronic fund transfer?

An electronic funds transfer (EFT), or direct deposit, is a digital money movement from one bank account to another. These transfers take place independently from bank employees.