IT Examiner School

Retail Payment Systems Overview

The Electronic Fund Transfer Act (EFTA) of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers.

(15 U.S.C. 1693 et seq.)

Retail Payment Systems Overview

EFTA services include: • transfers through automated teller machines (ATMs) • point-of-sale (POS) terminals • automated clearinghouse (ACH) systems • telephone bill-payment plans - periodic or recurring • remote banking programs • remittance transfers