Studies Of Consumer Protection In Retail Electronic Fund Transfer——About The Emulation From Anglo-US Legislation And The Perfection Of China's Related Laws

Retail electronic fund transfer (EFT), a new vehicle Which serves as anesselltial component of EFT to conduct payment and settlement forconsumers' sake, is about to become a most significant mean to conductpayment and settlement under the digital society Accordingly, the authorholds that against the legal relationship for all parties to the retail EFT themost imPortant is the one between financial institations who are the issuer,and consumers who are the cardholder. Furthermore, the fundamental andcore subject of the legal system for retail EFT is how to provide properprotection fOr consumers who are often deemed as weaker compared withfinancial institutions. Then based on an in-depth comparison between thoserelatively matllre legal systems about retail EFT in the preseot world, thisarticle means to make a thorough analysis in detail of the protection ofconsumers under retail EFT by American legislation. This article also sayswe should emulated from America's experiences in legislation so as topropel our progress in drafting China's law on retail EFT to protectconsumers' rights and interests. Finally, in order to perfect China's legalsystem for retail EFT and boost China's development in financial retailsector and electronic business, this article ventures to put forwardrecommendations and designs for legislators' sake.