Electronic Fund Transfer Act and Regulation E

Summary

This practice note provides an overview of the Electronic Fund Transfer Act (EFTA), Regulation E, and the regulatory framework pertaining to covered transactions. The EFTA (15 U.S.C. § 1693 et seq.) protects consumers engaged in electronic transactions where funds are debited or credited to a consumer's checking, savings, or other asset account. EFTA and its implementing Regulation E (codified at 12 C.F.R. pt. 1005) establish the framework governing the rights, liabilities, and responsibilities of consumers and financial institutions using electronic fund transfer (EFT) services.