The Electronic Fund Transfer Act (15 USC 1693) was passed by the U.S. Congress in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities. It is implemented in Regulation E (12 CFR 1005, formerly 12 CFR 205) — Electronic Fund Transfers — that establishes the rights, liabilities, and responsibilities of parties in electronic funds transfers and protects consumers when they use such systems.

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