Electronic Fund Transfer Law and Legal Definition
According to 15 USCS § 1693a (6), the term electronic fund transfer means "any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, direct deposits or withdrawals of funds, and transfers initiated by telephone. Such term does not include--
(A) any check guarantee or authorization service which does not directly result in a debit or credit to a consumer's account:
(B) any transfer of funds, other than those processed by automated clearinghouse, made by a financial institution on behalf of a consumer by means of a service that transfers funds held at either Federal Reserve banks or other depository institutions and which is not designed primarily to transfer funds on behalf of a consumer;
(C) any transaction the primary purpose of which is the purchase or sale of securities or commodities through a broker-dealer registered with or regulated by the Securities and Exchange Commission;
(D) any automatic transfer from a savings account to a demand deposit account pursuant to an agreement between a consumer and a financial institution for the purpose of covering an overdraft or maintaining an agreed upon minimum balance in the consumer's demand deposit account; or
(E) any transfer of funds which is initiated by a telephone conversation between a consumer and an officer or employee of a financial institution which is not pursuant to a prearranged plan and under which periodic or recurring transfers are not contemplated;
as determined under regulations of the Board of Governors of the Federal Reserve System."
Legal Definition list
- Electronic Fish Ticket [Wildlife and Fisheries]
- Electronic Export Information
- Electronic Entry
- Electronic Document Receiving System
- Electronic Document
- Electronic Fund Transfer
- Electronic Fund Transfer System [EFTS]
- Electronic Funds Transfer (EFT)
- Electronic Games of Skill
- Electronic Gaming
- Electronic Gaming Table
Related Legal Terms
- 107th Meridian Escrow Fund
- Additional Funds Needed [AFN]
- Administrative Subdivision of Funds
- Administrative Takedown Funds [Transportation]
- Admissibility of Confessions Recorded by Electronic Means
- Adult Court Transfer
- Advance Refunding Offer
- Agreement for Electronic Presentment
- Angel Funding
- Animal Legal Defense Fund
