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Bis 220 Week 1 Technology Acts

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Information Technology Acts

BIS/220
August 5, 2013

Information Technology Acts
Before I began working in the banking industry a few years ago I never realized to this how many people still continue to write checks as a means of payment. While many people have steered away from using checks there are so people that just prefer to still use them. Almost all banking needs can be done without even needing to step foot inside a banking center. With the implementations of ATM’s and mobile banking you can do almost any transaction from the comforts of your own home. These advances in information technology have cause regulations such as the Electronic Funds Transfer Act, 1078 to be implemented to keep the customers money safe while offering convenience. With so much added convenience for the customers, financial institutions and other sales driven businesses required that the Do Not Call Implementation Act, 2003 be brought into play.

Electronic Funds Transfer (EFT), 1978
The Electronic Funds Transfer (EFT) was passed in 1978 as a result of all of the growth and development of electronic ATM machines and electronic banking. President Jimmy Carter signed the act in order to establish the rights and liabilities of consumers as well as the responsibilities of all participants involved in the electronic funds transfer activities. (Wikipedia, 2013) The Electronic Funds Transfer Act, is a federal law that protects consumers involved in the transfer of funds through electronic methods. Such as the use of debit cards, ATM’s, and withdrawals from your bank account. The law also applies to the means of correcting transaction errors as well as limits the liability from any losses due to a stolen debit card. (Investopedia, nd)

References
Investopedia. (nd). Electronic Funds Transfer Act. Retrieved from...

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