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Communications of the ACM

Communications of the ACM

Regulation of electronic funds transfer: impact and legal issues

This paper investigates the implications and impact of current legislation on the future of the electronic funds transfer systems (EFT). The relevant statutes are introduced and analyzed. Problem areas are discussed together with examples of court rulings. The investigation reveals that the regulations do not provide enough safeguards for the consumer and do not clear up the ambiguities from a combination of competing laws, regulations, and conflicting jurisdictions. Legislators, on both the national and state level, and federal and state governments need to cooperate more closely to produce uniform legislation that specifically addresses the current problems in an EFT environment. Courts need to realize the legislature's intent and the benefits that can be gained before ruling on the current issues.

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