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Electronic funds transfer (EFT) systems include a wide range of computer-based payment systems and sources that substitute electronic and digital transfers for movements of cash and paper checks. A few years ago some people were predict ing that EFT would replace paper money and coins entirely and that we would soon be a "checkless" and' 'cashless" society. Such sweeping changes have not occurred, but a slower evolution is clearly underway. Although checks, cur rency, and coin are likely to be here for many years to come, EFT is becoming an established part of our worldwide payment transfer system, and the implications and consequences of this technology are real. They include: • Alterations in personal finance and in the process of purchasing and paying for consumer goods and services. • Changes in the structure of financial and retail organizations and their mode of interaction in the marketplace. • Modifications in the flow of funds in our society and in the interactions among economic institutions. • Alterations in the prospects for invasion of personal privacy, perpetration of fraud and theft, and violation of antitrust regulations. • Changes in the regulatory and competitive balance among the numerous financial institutions in the United States. Such alterations foretell important impacts on people and society. Benefits are forthcoming, but the costs will also be real.
With an emphasis on identifying and preventing potential liabilities, The Law of Payment Systems and EFT uses thoughtful explanations, real-life examples, and carefully selected practice tools to help you avoid costly mistakes. The expert author examines current practices and regulations, as well as the developing case law, to alert you to important topics, such as: Liability under Article 4A of the UCC -- under what circumstances does the bank or the customer bear the loss? -- The operations and rules of the major electronic funds transfer systems: FedWire, the ACH systems, CHIPS, and SWIFT -- The obligation of the bank to make disclosures and provide receipts and periodic reports to its consumer customers -- Key issues -- for both the bank and the customer -- that should be addressed in wire transfer and positive pay agreements -- Smart cards: Do the banking laws apply to them? Should Regulation E apply to them? By exploring today's most urgent issues and looking ahead to implications for the near future, Turner helps you protect your clients' interests in the dynamic environment of payments systems and electronic funds transfer.