The Protection Of Consumer's Rights And Interests In The Electronic Funds Transfer

Consumer electronic funds transfer (CEFT) is a kind of mode of funds transfer which emerged with the electronic finance. In the consumer electronic funds transfer, consumer's benefits are usually hard to get valid protection because of consumer's minor position and the presence of model contract. Although our country promulgated the "Bank Card Business Management" in March 1999, its function is very limited in aspect of protecting consumer as some subjective and objective reasons.Owing to our country's shortcoming in current legislations, we should borrow foreign country's successful legislations and practices, especially British and American measures in this respect. Early in 1978 America established "The Federal Electronic Fund Transfer Act", and emphasized the principle of disclosure. Federal Reserve instituted "Regulation E" and "Regulation Z", stipulated particularly consumer's limitation of liability, correction of mistake, disclosure, financial organization's duty and model contract. Britain has not specialized laws to adjust consumer electronic funds transfer, which protecting consumer's benefits embody regulations over the inequity contract items , at the same time depends on the self-discipline of the banking. In 1992, the English Banker Association publicized "Code of Banking Practice" ,it makes greater impact on protecting consumer's benefits.In order to develop the electronic commerce, strengthen the confidence that consumer proceed internet payment, there are very important and urgent that we establish and perfect our country's consumer electronic funds transfer law system. As far as our country is concerned, not only draws lessons from American current single code and related law, but also pay attention to the regulations over the inequity contract items from statue, case law and profession tradition. Using their excellences and according our country's actual circumstance, then forming our electronic funds transfer lawmaking mode. The basic thinking should include two aspects, the first one is that combine the single consumer electronic funds transfer law in establishment with perfecting and constituting related laws. The second one is that integrate the self-discipline management of the banking with legal mandatory provisions. In guiding thought, should carry through three principles, namely social benefits as the basis, equilibrium consumer and bank's benefits, combine internationalization with localization.