The purpose of the electronic funds transfer act (Regulation E) is to provide basic rights and protections to those who use electronic funds transfers. Regulation E establishes a contract between consumers and financial institutions. The agreement outlines the rights, responsibilities and liabilities of both the user and provider of electronic fund transfer services. The products and services covered by the electronic funds transfer act include ATM transfers, purchases made with debit cards, automatic bill payments, direct deposit, electronic check conversions, payroll card accounts, Internet banking through a personal computer and telephone-initiated transfers under a written agreement or bill payment plan.
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