The Law of Electronic Fund Transfer Systems

This practical treatise focuses on the latest business trends, technological innovations, laws, regulations, cases involving electronic payment systems issues and clear explanations of the legal principles governing the rights, duties, and liabilities of financial institutions. Electronic banking becomes more complex each day. This publication is essential to understand the impact of electronic banking changes.
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ISBN: 9780769880242
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Book Edition: 20

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The world of electronic banking has undergone substantial growth in recent years, and the legal and regulatory environment keeps changing with it. Financial institutions and banking attorneys need to keep up with these changes and the business and compliance issues they raise.

This manual will keep you informed of the Dodd-Frank Wall Street Reform and Consumer Protection Act changes that will affect you. Updates will include information on:

1.  Amendments to the Electronic Fund Transfer Act
2.  Required disclosures about fees for sending electronic payments
3.  Establishment of complaint and error resolution procedures

The Law of Electronic Fund Transfer Systems provides guidance on the latest business trends, technological innovations, laws, regulations, and cases involving electronic payment systems issues. This practical treatise presents clear explanations of the legal principles governing the rights, duties, and liabilities of financial institutions. In addition, The Law of Electronic Fund Transfer Systems provides expert analysis and interpretation, so you can better manage your financial institution's systems and improve their efficiency and profitability.

This popular manual provides a thorough examination of the newest technological developments of all current EFT systems, including:

  •Credit cards
  •Home banking
  •Automated clearing houses
  •Point-of-sale systems
  •Check truncation
  •Wire transfers
  •Debit cards
  •Preauthorized debits and credits
  •Smart cards
  •Electronic benefits transfers

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Table of Contents

Table of Contents


VOLUME 1


Technological Developments



Chapter 1  History of Electronic Fund Transfer Systems and Electronic Banking Products

Chapter 2  Check Truncation and Electronic Check Presentment

Chapter 3  The Automated Clearinghouse System

Chapter 4  Preauthorized Debit Transfers

Chapter 5  Preauthorized Credits

Chapter 6  Automated Teller Machines

Chapter 7  Point-of-Sale Systems

Chapter 8  Check Verification and Check Guarantee Systems

Chapter 9  Smart Cards

Chapter 10  E-Banking

Chapter 11  Wire Transfers


Rights of Participants


Chapter 12  Sources of EFT Laws

Chapter 13  UCC Article 4A - Wholesale Wire Transfers

Chapter 14  Access Device Issuance and Consumer Liability for Unauthorized Transfers

Chapter 15  Disclosure and Documentation

Chapter 16  Error Resolution

Chapter 17  Other EFT Act and Regulation E Provisions

Chapter 18  Other Consumer Issues: Float, Garnishment, and the Poor

Chapter 19  Privacy and Security

Chapter 20  Nonstatutory Rules


VOLUME 2


Competition, Antitrust, and Economic Regulation



Chapter 21  The Competitive Environment

Chapter 22  Special Antitrust Problems of Joint Ventures

Chapter 23  Electronic Settlement and Clearing: Institutional Choices

Chapter 24  Retail Banking Competition: Card Products and Systems

Chapter 25  Retail Banking Competition: The Establishment and Use of Automated Teller Machines

Chapter 26  Retail Banking Competition: Point-of-Sale Systems



Other Legal and Regulatory Schemes


Chapter 27  Bank Investment Services Regulation

Chapter 28  Consumer Finance Company Regulation

Chapter 29  Telecommunications Regulation



International Aspects of EFT Systems


Chapter 30  International Transfers

Chapter 31  Overseas Development of EFT Systems



Appendix A  Electronic Fund Transfer Act


Appendix B  Regulation E, as Amended, With Commentary


Appendix C  Electronic Banking Forms


Appendix D  The Gramm-Leach-Bliley Act, Pub. Law No. 106뀮 Provisions Affecting Privacy and the Electronic Fund Transfer Act and Implementing Regulations Affecting Privacy


Appendix E  Treasury Department Regulation on Federal Government Participation in the Automated Clearing House


Appendix F  EFT Act Supervision and Examination Procedures


Appendix G  Check Clearing for the 21st Century Act or Check 21 Act


Appendix H  Federal Reserve Regulation II: Debit Card Interchange Fees and Routing


Table of EFT Act Sections


Table of Regulation E Provisions


Table of UCC Sections


Table of Cases


Index