Consumer Protection Issues In Electronic Funds Transfer

Electronic payment means the units and individuals, either directly or through another person authorized electronic payment terminals issued directives to achieve monetary payment and funds transfer act. Electronic payment by the type of electronic payment instructions initiated way into online payment, pay telephone, mobile payments, point-of-sale terminal transactions, ATMs and other electronic payment transactions.March 23, 2001, because banks do not comply with security procedures of the agreement led to Tomaz Mendes Regatos accounts in the unauthorized transfer of funds. August 9, 2001, Tomaz Mendes Regatos check their accumulated account statements when it is found out that the unauthorized transfer of funds, and require banks to compensate his losses. Banks and their customers provisions in the agreements signed, the client received or receive bank statements and other documents, the accounts once found any unusual circumstances, should inform the bank in fifteen day of this situation grounds for refusing the Tomaz Mendes Regatos demand compensation at the request of their lost funds. Finally, the Court's decision to support the plaintiffs claim, in favour of the final consumer, the consumer banking compensation unauthorized transfer of funds, and to clear the following two questions: UCC section 4-A-505, provided for in the notice Bank of the unauthorized transfer of funds during the year in addition to exclusion (period of repose) is not from the bank and its clients, which was revised by mutual agreement; UCC section 4-A-505 provided during the year in addition to exclusion and UCC section 4 -- A-204 (1) within a reasonable period starting points are not in line with bank customers received the actual notice of the funds transfer.This paper discusses the UCC 4A and EFTA for consumer protection in the system, including the following four areas: consumer banks enter into contracts with the notification obligation, safety procedures and electronic transfer of funds authorized to transfer the responsibility of funding commitment in the bank electronic funds transfer in the obligation; unauthorized transfer of funds in compensation the protection of the rights of consumers.Support from the legal point of view, China's current legislation on electronic payment of basic gaps in the state showed that only some industry standards, and the effect of a higher level is not high, which makes the development of electronic payment lack of the most powerful but also the most important legal support.China's electronic payment in the building of policies and regulations is obviously lagging behind. Electronic payment business management in the related laws and regulations have not yet perfect, not a system of laws and regulations system, and China's financial e-business, the rapid development of a strong contrast.In order to protect the security of electronic funds transfer normal operation, we should learn from the United States, "1978 Electronic Funds Transfer Act" and "Uniform Commercial Code," A chapter 4 of the provisions, timely development of new payment system and the system in order to clear electronic transfer of funds or the use of electronic currency on-line payment burden of the risk of liability. In the legislative value, we should focus on the law reflect fair competition and the pursuit of efficiency, with particular emphasis on the protection of the rights and interests of consumers.