About The Laws And Regulations Of Consumer Protection Regarding The Issue Of Consumer Electronic Fund Transfer

Since the computers are applied into the banking industry ,electronic fundtransfer becomes into the reality. Electronic fund transfer has been developed into 5stages from the less advanced to advanced, such as to handle the currency remittancethrough computers between various banks, to handle the currency remittance throughcomputers between banks and other institutes;to provide various banking services tothe end-users through network terminal;to withhold the money from the end-usersthrough POS automatically;to transfer and to clear the E-currencies through Internetanytime and anywhere, which is the future major trend of the remittance.The consumer EFT includes the traditional transferring via ATM ,POS and themodern EFT method via Internet. Among of others, the most important legalrelationship is the one between consumers and financial institutes. The key toConsumer EFT is how to protect the weak parties, the consumers during thistransaction. The paper analyzes the laws and regulations concerning consumerprotection in terms of American and Australia legislations through comparative legalresearch viewpoint. In addition, the paper suggests learning the good examples fromthem and localized relevant consumer protection legislation regarding the same issue,which also provides a good balance between financial institutes and consumers.There are 30,000 words in this paper, which is divided into 4 sections except forthe preface and conclusion.The first section: the paper points out the definition of the Consumer EFT fromthe analyzing Electronic fund transfer .In addition, the paper introduces consumerEFT via Internet and non-Internet methods.The second section: the paper introduces the legal relationship among variousparties regarding Consumer EFT in terms of POS, SET and third party transfer viaInternet. Among of others, the legal relationship between consumers and financialinstitutes is the most crucial. The paper then deeply discusses the necessity of theconsumer protection.The third section: to make a comparative discussion about the relevant oversealaws and regulations. The paper discusses the advanced consumer EFT legislationsconcerning the issue of consumer protection in the US and Australia, such asinformation disclosure, unauthorized transfer liability, the procedure to handle themistakes, the defense limitation of the credit card, and the liability of the transferequipment and system obstacles.The fourth section: the paper points out the shortcomings of Chinese legislationsregarding consumer EFT and suggests learning the good examples from the Americanand Australia examples. The paper also considers the localization elements andsuggests the specific improved picture about Chinese consumer EFT in terms of microand macro views.