The service facilitates a real-time, round-the-clock, interbank electronic fund transfer
via mobile, internet and ATM.
The regulation provides that an ATM operator that charges a fee for initiating an electronic fund transfer
or balance inquiry must post notices at ATMs that a fee will be imposed.
Currently, almost all retailers and commercial establishments in these regions, which is the largest market for point-of-sale (POS) terminals, are capable of electronic fund transfer
When BoA floated the procurement tender, eight firms were keen to supply the Electronic Fund Transfer
, and seven bidders for the supply of the point of sale terminals.
Among the proposed changes, persons, such as merchants and other payees, that use information from a check to initiate an electronic fund transfer
from a consumer's account, would be required to provide notice to the consumer for each electronic fund transfer
and obtain the consumer's authorization for the transaction.
2-Definitions, a new heading 2(k) Preauthorized Electronic Fund Transfer
, and a new paragraph 1.
The company's Preauthorized Payment program incorporates all of the benefits of Electronic Fund Transfer
technology into one complete, full-service package.
Part 205, its Regulation E, implementing the Electronic Fund Transfer
announced the creation of STAR STATION, the electronic fund transfer
industry's first intranet.
The GLBA amends the Electronic Fund Transfer
Act by requiring ATM operators that impose fees on consumers who hold accounts at other institutions to post a prominent and conspicuous notice of that fact on or near the ATM.
i) The applicable time is 20 business days in place of ten business days under paragraphs (c)(1) and (c)(2) of this section if the notice of error involves an electronic fund transfer
to or from the account within 30 days after the first deposit to the account was made.