Credit, Debit, or ACH: Consequences & Liabilities: A Comparison of the Differences in Consumer Liabilities

Topics:
Commercial Banking
Tags:
Debit Card,
Federal Reserve Bank Of Chicago,
Financial Services
Source:
Federal Reserve Bank of Chicago

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Overview: A number of recent initiatives have encouraged use of debit cards and ACH debits/credits for Internet sales transactions. This paper outlines the different statutory and regulatory protections available to consumers and financial institution based upon the method by which payment is made. The paper further reveals that the Electronic Fund Transfer Act and Federal Reserve Board Regulation E govern debit card and ACH transactions involving the removal of funds from a checking or other asset account.

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Format: PDF | Size: 58KB | Date: Sep 2001 | Pages: 21

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