Electronic Funds Transfer Act of 1978

Citation: Electronic Funds Transfer Act, Pub. L. No. 95-630 2002, 92 Stat. 3641, codified in the Consumer Credit Protection Act, 15 U.S.C. 1601 et seq.

The Electronic Funds Transfer Act is title XX of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. This Act defines the rights and responsibilities of EFT consumers and providers. For example, the Act:


 * sets limits on the liability of consumers if there are errors in an EFT transaction or if an improperly authorized transaction is executed;

EFT accounts and for reviewing statements provided by the financial institu- tions;
 * establishes the responsibility of consumers for ensuring the security of their

must be provided to the consumer, including definition of the contents of a receipt provided at the time of a transaction and the timing and content of periodic statements that are issued by the service operator;
 * establishes requirements for the documentation of an EFT transaction that


 * establishes rules governing the issuance of EFT access devices.