Information Technology

Topics: Electronic funds transfer, George W. Bush, Debit card Pages: 3 (765 words) Published: March 12, 2012
Information Technology Acts
Tawyna Rowan
March 7, 2012
John Fritz

Information Technology Acts
Some people still enjoy writing checks however checks are a thing of the past. Some people still conduct all of their banking needs inside of a banking center however most banking transactions can be conducted online from the comfort of your living room couch. The advances in information technology have caused regulations such as the Electronic Funds Transfer Act, 1978 to be implemented in an effort to keep your money safe while offering you the convenience of microwaveable banking. With convenience come additional challenges for not only financial institutions but sale driven businesses also to earn revenue. This challenge introduced the need for additional advances in information technology such the Do Not Call Implementation Act, 2003.  

Electronic Funds Transfer (EFT), 1978
The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities. Electronic funds transfer (EFT) provides an alternative method of paying for goods and services and making a wide range of financial transactions. A few of the most popular EFT services include: • Automated Teller (ATM)

• Point-of-Sale (POS)
• Debit Cards
• Wire Transfers
The act was implemented in Federal Reserve Board Regulation E which outlined the responsibilities of the customer and of the financial institution. When an EFT error has occurred the responsibility of the customer include:  • Write or call the financial institution immediately if possible • Must be no later than 60 days from the date of erroneous statement • Give name and account number

• Explain why you believe there is an error, the type, dollar amount and date • May be required...
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