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Electronic Fund Transfer Act (EFTA) examination procedures

Updated Mar. 25, 2019


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 and remittance transfers. These 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
  • Remote banking programs
  • Remittance transfers