Bank Electronic Funds Transfer Law Research

With the rapid development of computer and communication technology in the banking sector, replacing paper-based payment system with electronic fund transfer (EFT) system has become a new trend in the field of banking service. In order to present conducive proposals for the relevant legislation in our countly, a series of legal problems produced in the EFT system are worthy to be researched and explored, it will help the EFT system grow healthily and orderly under the effective regulation of law. The purpose of this dissertation is based upon the above-mentioned reasons. This dissertation consists of seven chapters, the main contents are as follows:Chapter I is concerned with the fundamental theory relating to EFT and its legal issues. First of all, the dissertation provides a deliberate analysis of the definition and types of EFT. The author also analyses the foundation of modern science from which EFT originated, in this context, it is necessary to explore the prerequisite and process for emergence of the law of EFT, as a result, the author points out that technicality is the basic attribute to the law of EFT. The author also gives a further research on the definition and features of the law of EFT, particularly evaluates and comments on the nature of the law of EFT which indicates that the EFT law is a law of mixing the elements of public law and private law. it is emphasized that the EFT Law should achieve the legal value such as efficiency, justice, safety and order.Chapter II and Chapter III deal with the legal problems concerning the commercial electronic fund transfer the author analyses the definition and characteristics of commercial EFT, makes a distinction between commercial EFT and consumer EFT, and reviews the development situation of commercial EFT, the development tendency and situation of the commercial EFT Law both at home and abroad. The legal subject involved in the commercial EFT transactions and the legal relationships between them are given a conscientious analysis, a proposal is also put forward for the perfection of the legal subject system. Payment order is a very important term frequently used in the commercial EFT transactions, only the paymentorder can make the EFT process Start operating, the aUthor caxefully exams andanalyses the defindion, requirements, aUthrity and accePtance of a payment orderwhich includes cancellation or amendment of a payment order and erroneous paymentorder it is advised that some legal measures should be taken to resolve these problems.The time of payment and the comPletion of payment is anothe significant issuesregarding the commercial EFT Through a comParative aPproach, the aUthrestablishes some scientific standards by which the time and comPletion of payment isjudged. It is necessmp to put emPhasis upon the Stody of legal relations betweenpboes concerned and their rights, duties and liabilities in the course of commercia1EFT actiVities, it atteInPts to find a way to aPportion liabilities betWeen the EFTsystem and custony in the evellt tha transfers effected through error or fraud, andbankruptcy of bank occurred in the EFT, aPproach is needed tO resolve the issuesregarding the liabilities, the way of assuming liabilities and the eatent of damages.ChaPter IV is focused on the legaI problems relating to consumer electronictransfer On the basis of evaluating and commentin on the origination, development,types of consumer EFT and its legislative situation, the aUthor emPhaical1y exPloresthe parties concerned and the legal relations bCtween them in the consumer EFT Therights and duties of the parties are the core issue of the consumer EFT attentionshould be also paid to liabilities fOr the breach of consumer EFT, peffecting thesystem of liabilities fOr the breach of consumer EFT is anothe task of the legislation.The author poillts ollt tha the legislatllre should concelltfate on protecting of theprivacy of the customers and strengten the bank's duty of confidentia1ity in theconsumer E...