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Carries out the purposes of the Electronic Funds Transfer Act which establishes the basic rights, liabilities and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services.
Systems include:
- automated teller machine transfers
- telephone bill-payment services
- point-of-sale (POS) terminal transfers in stores
- preauthorized transfers from or to a consumer's account (such as direct deposit)
The primary objective is the protection of individual consumers engaging in electronic fund transfers.