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Electronic Fund Transfer Act (Reg E)

EFTA establishes the rights, liabilities, and responsibilities of consumers and banks with regard to electronic fund transfers and includes requirements with regard to certain overdraft services. It also requires notices and creates rights for consumers who send international wire transfers (remittances). In addition, it sets caps on interchange debit card fees and gives merchants choices in routing debit card transactions.

Regulation E implements EFTA’s provisions related to consumer protections and bank responsibilities and those related to remittances. Regulation II implements the provisions related to interchange fee caps and routing requirements.

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