Fair Fund Transfer Act

[AI summary unavailable — showing source text] Fair Fund Transfer Act - Amends the Consumer Credit Protection Act to add the following title: Title IX: Electronic Fund Transfers. Prohibits any financial institution from engaging in any transaction with a customer by means of an electronic terminal without first clearly disclosing to the customer all terms and conditions governing such transfer. States that such disclosure shall include: the consumer's liability for unauthorized electronic fund transfers (EFT); the types of transfers the consumer may make; any applicable charges; the consumer's right to reverse a transfer; the financial institution's liability for improper transfer; and the consumer's right to receive electronic fund transfer receipts and account statements. Requires a financial institution to give the customer 21 days notice prior to changing any of the terms of the agreement. States that the consumer must receive a receipt for each transfer affecting the consumer's account at the time of the transfer. Requires financial institutions to provide consumers with a periodic statement for each EFT account. States that receipts and statements required by this Act are to constitute presumptive proof of an EFT payment …