Electronic fund transfer Act - wikipedia Electronic fund transfer Act This article 's tone or style may not reflect the encyclopedic tone used on Wikipedia. See Wikipedia 's guide to writing better articles for suggestions. ( May 2010 ) Electronic Fund Transfer Act Other short titles Financial Institutions Regulatory and Interest Rate Control Act of 1978 Change in Bank Control Act Change in Savings and Loan Control Act Depository Institution Management Interlocks Act Export - Import Bank Act Amendments Federal Financial Institutions Examination Council Act National Credit Union Central Liquidity Facility Act Right to Financial Privacy Act Long title An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions. Nicknames American Arts Gold Medallion Act Enacted by the 95th United States Congress Effective November 10, 1978 Citations Public law 95 - 630 Statutes at Large 92 Stat. 3641 aka 92 Stat. 3728 Codification Titles amended 12 U.S.C. : Banks and Banking 15 U.S.C. : Commerce and Trade U.S.C. sections amended 12 U.S.C. ch. 3 § 226 et seq. 15 U.S.C. ch. 41 § 1601 et seq. 15 U.S.C. ch. 41 § 1693 et seq. Legislative history Introduced in the House as H.R. 14279 by Fernand St. Germain ( D - RI ) on October 10, 1978 Committee consideration by House Banking, Finance, and Urban Affairs, Senate Banking, Housing, and Urban Affairs Passed the House on October 11, 1978 ( passed ) Passed the Senate on October 12, 1978 ( passed ) with amendment House agreed to Senate amendment on October 14, 1978 ( 341 - 32, in lieu of H. Res. 1439 ) with further amendment Senate agreed to House amendment on October 14, 1978 ( agreed ) Signed into law by President Jimmy Carter on November 10, 1978 Major amendments Credit CARD Act of 2009 The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities. The act was implemented in Federal Reserve Board Regulation E. Contents 1 Rights of consumers 2 Financial institution liability 3 Limit to customer liability on loss or theft of card 4 EFT Errors 5 What the EFT Act Covers 6 See also 7 References 8 Further reading Rights of consumers The EFT Act recognizes their right to nominate the financial institution to which such payments are to be made. The EFT Act also prohibits a creditor or lender from requiring a consumer to repay a loan or other credit by electronic fund transfer, except when there is an overdraft on checking plans. Financial institution liability The financial institution must give the customer notice of their liability in case the card is lost or stolen. This must include a phone number for reporting the loss and a description of its error resolution process. Limit to customer liability on loss or Theft of card If a customer reports to the financial institution that their card is missing before any transactions takes place, they are not held responsible for any transaction that takes place after the report of a missing / stolen card. A customer can be liable for unauthorized withdrawals if their card is lost or stolen and they do not follow certain criteria : Loss is limited to $50 if institution is notified within two business days Loss could be up to $500 if institution is notified between 3 and 59 days If loss is not reported within 60 business days customer risks unlimited loss on transfers made after the 60 - day period -- could lose all money in account plus maximum over draft if any EFT errors EFT is not a perfect system ; therefore customers should still be diligent in reviewing their EFT statements for possible errors as they would with any other type of transaction. Should a customer notice that there has been an error in an electronic fund transfer relating to their account certain steps must be taken : Under the Act, the customer must : Write or call the financial institution immediately if possible Must be no later than 60 days from the date of erroneous statement Give their name and account number Explain why they believe there is an error, the type, dollar amount and date May be required to send details of the error in writing within 10 business days Under the Act, the financial institution must : Promptly investigate the error and resolve it within 45 days Errors involving new accounts ( opened last 30 days ), POS transactions, and foreign transactions may take up to 90 days If it takes more than 10 business days to complete the investigation : Must recredit the amount in question For new accounts may take up to 20 business days to recredit the account Must notify customer of the results of investigation : If there was error -- correct it or make recredit final If no error -- explanation in writing, notify customer of deducted recredit Customer has the right to ask for copies of any documents relied on in the investigation What the EFT Act covers The EFT Act does not apply to all preauthorized plans. The EFT Act does not apply to automatic transfers from any account held in the name of the institution the consumer uses to the account the consumer uses. An example of this would be where the EFT Act would not apply to any automatic payments put towards a mortgage held by the financial institution where a consumer would hold their electronic funds account. The EFT Act would also not apply to automatic transfers among a consumer 's account at a specific financial institution. The EFT Act also does not cover all transfers. Some banks, other financial institutions, and vendors will produce cards with a cash value imprinted into the card itself Examples of these include public transit passes, store gift cards, and prepaid telephone cards. These cards may not be covered by the EFT Act. When using electronic funds transfer, the Act does not give the consumer the right to stop payment. State law or any contract that imposes a lower liability limit than those mentioned in the `` Loss or Theft : Customer Liability '' will be preempted ( overridden ) by the federal EFT Act unless the state law provides protections that are greater than that provided under Federal law. ( See Section 919 of the Act ). See also Electronic funds transfer References Jump up ^ ( 1 ) ^ Jump up to : `` Electronic Fund Transfers ''. Consumer Handbook to Credit Protection Laws. US Federal Reserve. Archived from the original on August 30, 2009. Retrieved 2009 - 09 - 01. Jump up ^ `` Consumer Information ''. Consumer Information. Further reading The Federal Reserve Board. ( 2001 ). Consumer Handbook to Credit Protection Laws : Electronic Fund Transfers. Retrieved June 26, 2006 Federal Trade Commission. ( 2003 ). Electronic Banking. Retrieved June 26, 2006 Lloyd, Crystal T. ( n.d. ). Electronic funds transfer act. Retrieved June 1, 2006 Regulation E at www.bankersonline.com Regulation E at FDIC W., C.H. ( Oct 1983 ). `` Overcoming the obstacles to implementation of point - of - sale electronic fund transfer systems : EFTA and the new uniform payments code ''. Virginia Law Review. Virginia Law Review. 69 ( 7 ) : 1351 -- 1379. doi : 10.2307 / 1072866. JSTOR 1072866. Brown, Tom ; Plache, Lacey ( Winter 2006 ). `` Paying with plastic : maybe not so crazy ''. The University of Chicago Law Review. The University of Chicago Law Review. 73 ( 1 ) : 63 -- 86. JSTOR 4495544. Bank regulation in the United States Federal authorities Consumer Financial Protection Bureau Farm Credit Administration Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council Federal Housing Finance Agency Federal Reserve Board of Governors Financial Stability Oversight Council National Credit Union Administration Office of the Comptroller of the Currency Major federal legislation Independent Treasury Act National Bank Act Federal Reserve Act McFadden Act 1933 Banking Act Glass -- Steagall Act Federal Credit Union Act Bank Holding Company Act Interest Rate Control Act of 1966 Truth in Lending Act Bank Secrecy Act Fair Credit Reporting Act Home Mortgage Disclosure Act Community Reinvestment Act Electronic Fund Transfer Act Financial Institutions Regulatory and Interest Rate Control Act of 1978 Monetary Control Act Depository Institutions Act Competitive Equality Banking Act of 1987 FIRREA FDICIA Truth in Savings Act Riegle - Neal IBBEA Gramm -- Leach -- Bliley Act Fair and Accurate Credit Transactions Act Emergency Economic Stabilization Act Credit CARD Act Dodd - Frank Federal Reserve Board regulations Extensions of Credit by Federal Reserve Banks ( Reg A ) Equal Credit Opportunity ( Reg B) Home Mortgage Disclosure ( Reg C ) Reserve Requirements for Depository Institutions ( Reg D ) Electronic Fund Transfer ( Reg E ) Limitations on Interbank Liabilities ( Reg F ) International Banking Operations ( Reg K ) Consumer Leasing ( Reg M ) Loans to Insiders ( Reg O ) Privacy of Consumer Financial Information ( Reg P ) Prohibition Against the Paying of Interest on Demand Deposits ( Reg Q ) Credit by Brokers and Dealers ( Reg T ) Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock ( Reg U ) Transactions Between Member Banks and Their Affiliates ( Reg W ) Borrowers of Securities Credit ( Reg X ) Truth in Lending ( Reg Z ) Unfair or Deceptive Acts or Practices ( Reg AA ) Community Reinvestment ( Reg BB ) Availability of Funds and Collection of Checks ( Reg CC ) Truth in Savings ( Reg DD ) Types of bank charter Credit union Federal savings association Federal savings bank National bank State bank State authorities California Colorado Florida Illinois Maryland Michigan New Jersey New York Ohio Oklahoma Oregon Pennsylvania Tennessee Virginia Terms Call report CAEL Rating CAMELS rating system Thrift Financial Report Other topics Banking in the United States Fair debt collection History of central banking in the United States Wildcat banking Portal Retrieved from `` https://en.wikipedia.org/w/index.php?title=Electronic_Fund_Transfer_Act&oldid=795817920 '' Categories : 1978 in American law United States federal banking legislation 95th United States Congress 1978 in American politics 1978 in economics Hidden categories : Wikipedia articles needing style editing from May 2010 All articles needing style editing Talk Contents About Wikipedia Add links This page was last edited on 16 August 2017, at 17 : 34. 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Question: when was the electronic funds transfer act signed into law
Answer: in 1978; 1978; 1978; 1978; November 10, 1978