Electronic Fund Transfer Act.

The Electronic Fund Transfer Act is a United States federal law signed by President Jimmy Carter and enacted in 1978. The purpose of the Electronic Fund Transfer Act was to clarify consumer protections for electronic funds transfers (EFTs), which include transfers through automatic teller machines and point-of-sale terminals, bill-payment plans that involve recurring automated transfers, and other such paperless monetary transactions. The EFT Act was significant in enabling EFTs such as automated bill payment plans and debit transactions to become the primary mode of payment in the United States.