Electronic Funds Transfer Act

[AI summary unavailable — showing source text] Electronic Funds Transfer Act - Confers general authority on Federal financial institutions (as such term is defined in this Act) to establish or make use of electronic funds transfer systems (EFTS) in the United States and abroad, but prohibits such institutions from offering deposit services through EFTS outside their home State unless the laws of the other State so permit and after a transition period, within the institution's natural market area, if that extends beyond State boundaries. Authorizes a Federal financial institution which owns or operates an EFTS to make it available for use by other financial institutions or businesses. Preempts State mandatory sharing statutes and clarifies the primacy of Federal antitrust laws in assuring competition in the development of ETFS services. Prohibits Federal, State, or local government access to customer financial records of a financial institution without customer consent, statutory reporting requirements, or some form of warrant or subpoena. Confers general authority on the Board of Governors of the Federal Reserve System to prescribe disclosure regulations applicable to all financial institutions offering EFTS services to their c…