The Electronic Fund Transfer Act of 1978 is a federal law that protects consumers when they use electronic means to transfer funds. The law requires financial institutions to disclose information to consumers about their rights and liabilities concerning electronic fund transfers. It also sets liability limits for errors and unauthorized transfers, and requires financial institutions
From Wikipedia
The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities.