Bis 220 Week 1 Checkpoint
Information Technology Acts
XBIS/220
May 23, 2013
This week we are to pick two information technology acts to research and discuss the advances in information technology that resulted in new ethical issues that created the act. I currently work as a teller for a local bank and have chosen to research and discuss the Electronic Funds Transfer Act of 1978 and Fair Credit Reporting Act of 1970. I chose both of these because they coincide with my current job.
Electronic Funds Act of 1978 In 1978 the U.S. Congress passed and President Jimmy Carter signed the Electronic Funds Act into effect. This act is a “federal law that protects consumers engaged in the transfer of funds through electronic methods.” ("Electronic Funds Transfer Act," 2013) It covers the use of debit cards, ATM’s, and ACH withdrawals from bank accounts. It also offers a means of improving transaction errors and limits the liability from any loss that may occur from the loss of a card or if the card was stolen. The Electronic Funds Act was passed because of the steady increase in electronic ATM and the growing popularity of electronic banking. Since then the use of paper checks slowly have declined over the years. The paper checks were a source of hard evidence that a payment was made so with the growing popularity of electronic financial transactions a law needed to be created give customers a level of confidence that they have with there traditional check system. This would allow customers to challenge any errors and correct them with a 60-day period; it also limits the liability on lost cards up to fifty dollars only upon the customer reporting the lost card within two business days.
Fair Credit Reporting Act of 1970 Next, is the Fair Credit Reporting Act of 1970, which was originally passes in 1970 and is enforced by the U.S. Federal Trade Commission and private litigants. The act was passed "to ensure fairness, accuracy and privacy of the personal information contained in the
XBIS/220
May 23, 2013
This week we are to pick two information technology acts to research and discuss the advances in information technology that resulted in new ethical issues that created the act. I currently work as a teller for a local bank and have chosen to research and discuss the Electronic Funds Transfer Act of 1978 and Fair Credit Reporting Act of 1970. I chose both of these because they coincide with my current job.
Electronic Funds Act of 1978 In 1978 the U.S. Congress passed and President Jimmy Carter signed the Electronic Funds Act into effect. This act is a “federal law that protects consumers engaged in the transfer of funds through electronic methods.” ("Electronic Funds Transfer Act," 2013) It covers the use of debit cards, ATM’s, and ACH withdrawals from bank accounts. It also offers a means of improving transaction errors and limits the liability from any loss that may occur from the loss of a card or if the card was stolen. The Electronic Funds Act was passed because of the steady increase in electronic ATM and the growing popularity of electronic banking. Since then the use of paper checks slowly have declined over the years. The paper checks were a source of hard evidence that a payment was made so with the growing popularity of electronic financial transactions a law needed to be created give customers a level of confidence that they have with there traditional check system. This would allow customers to challenge any errors and correct them with a 60-day period; it also limits the liability on lost cards up to fifty dollars only upon the customer reporting the lost card within two business days.
Fair Credit Reporting Act of 1970 Next, is the Fair Credit Reporting Act of 1970, which was originally passes in 1970 and is enforced by the U.S. Federal Trade Commission and private litigants. The act was passed "to ensure fairness, accuracy and privacy of the personal information contained in the