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Regulation of electronic funds transfer: impact and legal issues

Author:

Ahmed S. ZakiAuthors Info & Claims

Communications of the ACM, Volume 26, Issue 2

Pages 112 - 118

https://doi.org/10.1145/358024.358041

Published: 01 February 1983 Publication History

Abstract

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.

References

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Bender, M. EFTS--Elements and Impact. Kennikat Press, New York, 1975.

[2]

Brandel, R. E. and Olliff, E. A. The electronic funds transfer act: A primer. Ohio State Law Journal 40 (1979), 530-567.

[3]

Brandel, R. E. and Geary, A. Electronic funds transfer. The Business Lawyer Section of Corporation, Banking and Business Law of the American Bar Association 36 (April 1981) 1219-1236.

[4]

Coltou, K. W. and Kraemer, K. L. Computers and Banking. Plenum Press, New York, 1980.

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Flynn, W. F. Electronic funds transfer initial disclosure requirements. The Banking Law Journal 97 (September 1980) 788-805.

[6]

Fox, K. H. Another step toward the cashless society? The 1978 electronic funds transfer act. American Business Law Review. 10 (1979) 441-486.

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Goldberg, E. S. Shared EFT systems: some legal implications. The Banking Law Journal. 40 (1979) 530-567.

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Gross, J. D. and Luedtke, S. M. Regulation E and the right to financial privacy. Gonzaga Law Review. 16 (1981) 313-334.

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Hardwick, Leo P. What role will ATM play? The Bankers Magazine. 164, 3 (May-June 1981) 47-51.

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Huddien, D. and Hussien, K. M. Information Processing Systems for Management. Irwin Inc., Homewood Illinois, 1981.

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Jennings, M. M. The electronic funds transfer act. The Practical Lawyer 25 (December 1, 1979) 11-16.

[12]

Kale, A. G. and Monks, D. R. Making data retrieval keep pace with EFT. ABA Banking Journal. XXII, 10 (October 1980) 143-149.

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Martin, C. R. Jr. An Introduction to Electronic Funds Transfer Systems. AMA COM, New York, 1978.

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MeHenry, W. Jr. EFT in the 1980s. The Bankers Magazine. 164, 3 (May-June 1981) 30-33.

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Meyers, E. EFT: Momentum gathers. Datamation 24, 10 (October 1978) 53-55.

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Miller, F. W. Checkless society gets closer. Infosystems. 26, 3 (March 1979) 52.

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Nadler, P. S. and White, George C. Jr. Banking without paper. The Bankers Magazine. 164, 3 (May-June 1981) 34-42.

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Owens, K. Electronic funds transfer. Cumberland Law Review. 10 (Fall 1979) 441-486.

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Scheilie, P. D. Electronic funds transfer act. The Business Lawyer Section of Corporation, Banking and Business Law of the American Bar Association 34 (September 1979) 1441-1458.

[20]

Shatz, W. EFT is alive and well. Datamation 27, 1 (January 1981) 76.

[21]

Siegel, J. B. The electronic funds transfer act--A departure from articles three and four of the uniform commercial code. Wisconsin Law Review. 4 (1980) 1008-1055.

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Stanford, R. More bang for the buck: The magic of electronic banking. Fortune. 95, 5 (May 1977), 202-209.

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Vergari, J. V. Articles three and four of the uniform commercial code in an EFT environment. San Diego Law Review. 17 (March 1980) 287-315.

Cited By

Turn R(1990)Information privacy issues for the 1990sProceedings. 1990 IEEE Computer Society Symposium on Research in Security and Privacy10.1109/RISP.1990.63867(394-400)Online publication date: 1990
https://doi.org/10.1109/RISP.1990.63867
Coats P(1984)Electronic funds transfer networks: modeling their impact on bank service goalsComputers and Operations Research10.1016/0305-0548(84)90043-111:4(415-426)Online publication date: 1-Aug-1984
https://dl.acm.org/doi/10.1016/0305-0548%2884%2990043-1

Index Terms

Regulation of electronic funds transfer: impact and legal issues
1. Social and professional topics
  1. Computing / technology policy
    1. Government technology policy
      1. Governmental regulations

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Published In

cover image Communications of the ACM

Communications of the ACM Volume 26, Issue 2

Feb. 1983

44 pages

ISSN:0001-0782

EISSN:1557-7317

DOI:10.1145/358024

Editor:
Peter J. Denning
Purdue Univ., W. Lafayette, IN

Issue’s Table of Contents

Copyright © 1983 ACM.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 01 February 1983

Published in CACM Volume 26, Issue 2

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Cited By

Turn R(1990)Information privacy issues for the 1990sProceedings. 1990 IEEE Computer Society Symposium on Research in Security and Privacy10.1109/RISP.1990.63867(394-400)Online publication date: 1990
https://doi.org/10.1109/RISP.1990.63867
Coats P(1984)Electronic funds transfer networks: modeling their impact on bank service goalsComputers and Operations Research10.1016/0305-0548(84)90043-111:4(415-426)Online publication date: 1-Aug-1984
https://dl.acm.org/doi/10.1016/0305-0548%2884%2990043-1

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