Electronic Fund Transfer Consumer Protection Act

Electronic Fund Transfer Consumer Protection 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 30 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 to a third party.

Allows the making of preauthorized transfers only by written authorization from the consumer which shall be revocable at will at any time up to three business days preceding the scheduled transfer.

Permits a consumer to reverse a transfer to a third party in the amount of $50 or more only upon oral or written notice to the financial institution within three days of the transfer.

Sets forth a procedure for the resolution of errors which calls for prompt investigation of errors and reply to the consumer. States that if a court finds that a financial institution willfully reported to a consumer that his account was correct when such a conclusion could not reasonably be drawn, such institution is liable for treble damages.

Limits a consumer's liability (in the event of an unauthorized cash transfer) to the lesser of $50 or the amount of money obtained.

Holds a financial institution liable to a consumer for any failure to make a transfer when properly instructed and for the failure to reverse a transfer. Makes exceptions to such rule in the case of an improper or incorrect transfer if the error was caused by a technical malfunction beyond the control of the institution.

Permits a financial institution to issue EFT debit cards or account access codes only in response to an application or in renewal of an existing accepted card.

Suspends the consumer's obligation to make payment when a technical malfunction prevents the transfer of funds to a third party who has agreed to accept payment by means of an EFT.

Prohibits the conditioning of employment, government benefits, or the extension of credit on the consumer's use of EFT's.

Exempts $800 of any account in which a consumer deposits his wages by means of EFT from attachment, garnishment, or other process with specified exceptions.

Restricts the disclosure of information regarding EFT's.

Prohibits any agreement which would deprive a consumer of any right granted under this Act.

Sets forth the formula for the determination of civil liability.

States that any person who willfully and knowingly gives false or inacurrate information, fails to provide information which is required to be disclosed, or otherwise fails to comply with any provision of this title shall be fined not more than $5,000 or imprisoned not more than one year, or both.

Places the enforcement of this title in the case of national banks, Federal Reserve member banks, insured banks, Federal savings and loan associations, and Federal credit unions with their respective regulatory agencies. Directs the Federal Trade Commission to enforce the requirements of this title in all other cases.

Directs the Board and the Attorney General to make reports to Congress concerning the administration of their functions under this title.

Exempts persons from the laws of any State with respect to EFT's only to the extent that those laws are inconsistent with any of the terms of this Title.