Electronic Funds Transfer Control Act

[AI summary unavailable — showing source text] Electronic Funds Transfer Control Act - Defines the terms used in this Act, including the term "electronic terminal. Prohibits a Federal institution from engaging in any transaction with a customer by means of an electronic terminal located in another State if such transaction requires reference to data pertaining to a depository account, including: (1) the receipt of funds for deposit; (2) the withdrawal of funds from a depository account; and (3) the transfer of funds to or from any depository account other than for specific and recurring transfers for which there is prior written authorization, or if such transaction for which there is prior written authorization, or if such transaction permits the customer to receive funds under a line of credit, unless the laws of the other State specifically authorize the performance of such a transaction. Provides that if a State has by statute, enacted on or after June 1, 1973, imposed limitations on the number, placement, or location of remote electronic terminals, such limitations shall also apply to a Federal institution situated within such State. Provides that in a State which has not imposed limitations on the number, placement, or lo…