Legal Regulation Of Consumer's Rights And Interests Protection In Consumer Electronic Fund Transfer

With the development of computerizing financial services, a mass of cash and bill exchange had been substituted by Electronic Fund Transfer System. Consumer electronic fund transfer, a new vehicle which serves as an essential component of EFT to conduct payment and settlement for it's closely linked with our life, is about to become a most significant mean to conduct payment and settlement. Therefore, it's become more exigent and practical that how to use law to solve the conflict and dissension which happened in the EFT, especially to protect the consumer's rights and interests.Considering the view of marketing regulation law, the root and nucleus for adjusting EFT legal system is to protect the consumer's rights and interests. The consumer is at a disadvantage position relative to the finance institution. And their rights and interests can not be protected because of the existence of format contracts. So it is demand to be regulated by national lawmaking. At present, there are two representatives in the aspect of protection-modes. Include US statute law and UK's commercial practice. 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. The legislation of Consumer EFT in China has not perfect enough. Now existing laws relating to the Consumer EFT dispersed in the laws, codes and criterion files. They are lack of systematization and maneuverability. The rapid advance in the E-commerce stimulates the development of EFT. Up to 2006, our country had formed two independent system called Commercial EFT and Consumer EFT which will be sure to promote the standardization and high efficiency. It's a pity that the correlativelaws are still lag behind the development of finance system, which will influence the development of e-commerce and e-financial. Therefore, we should make some relative legal construction based on the situation of our country by absorbing oversea advance legislation to fit the need of modern society.