Technological Advancement

Topics: Electronic funds transfer, Debit card, Banking technology Pages: 3 (1004 words) Published: June 16, 2013

This essay will attempt to delve into the consequences of technological advancement and the subsequent measures taken to balance them.Electronic Funds Transfer Act, 1978According to "" ” The Electronic Fund Transfer Act (EFTA) is a federal law enacted in 1978 to protect consumers when they use electronic means to manage their finances” (Electronic Fund Transfer Act). Electronic fund transfers or EFTs can include any electronic transaction that immediately withdraws money from a consumers’ account. When looking back at a time before electronic banking, it seems amazing that consumers waited patiently in endless lines, filled out tedious paperwork for everything from making a deposit to transferring funds from savings to checking. Over the years, not only has the technology evolved, the consumer has evolved, in part because of the Electronic Funds Act. With the convenience of electronic banking, came the weakness of faceless interactions.In the infancy of electronic banking, consumers were understandably hesitant to relinquish the one-on-one privacy of banking in person. Even ATMs were not the common language they are today. What if something went wrong with the machine or someone gained access to his or her account? It was natural for consumers to become even more uneasy at the thought of accessing their accounts online or paying a bill through an automatic debit. With the emergence of hackers in the early days of the Internet, there was food for fodder. How safe was online or phone banking? The Electronic Funds Transfer Act offers protection over such actions as ATM usage, direct deposit, Pay-by-Phone, online banking, debit card and electronic check conversions (""). It also offers the consumer guaranteed information from banking institutions that protect the consumer from unauthorized use of account information in...

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