Electronic Fund Transfer Act (EFTA, 1978)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1693 et seq.)

2) Why It Was Done
The EFTA was enacted to protect consumers in electronic banking transactions, ensuring fair treatment, clear disclosures, and protection against unauthorized transfers.

3) Pre-existing Law or Constitutional Rights
Before EFTA, consumer protections for electronic payments (ATM, debit cards, direct deposit) were minimal. Traditional banking laws didn’t account for new technologies.