The EFT Code
Section A of
Using electronic funds transfer: your rights
What is the Electronic Funds Transfer (EFT) Code?
What types of electronic funds transfer services are covered?
Are there any electronic funds transfers not covered?
What is in the EFT Code?
Who has signed up to the EFT Code?
What is the Electronic Funds Transfer (EFT) Code?
The EFT Code is a code of practice which sets out rules about how electronic funds transfers should work. Businesses may choose whether to sign up to the Code. If they do, they must follow the Code in their dealings with you.
The Code sets out what the business must do, what your rights and responsibilities are and what happens if something goes wrong.
What types of electronic funds transfer services are covered?
The EFT Code is designed to cover all types of electronic funds transfers including:
- getting money out of an ATM (automatic teller machine) or paying money into one
- buying goods or services on EFTPOS (electronic funds transfer at point of sale)
- buying goods or services with a credit card when you don’t need to sign for them
| This means that credit card transactions over the internet and telephone are covered. However, if you pay in person and authorise the transaction with your signature, the EFT Code won’t apply. Other rules cover these transactions. |
- computer/mobile phone internet banking
- telephone banking
- transactions using stored value facilities such as prepaid phone cards.
Are there any electronic funds transfers not covered?
The EFT Code does not cover business accounts or biller accounts. Biller accounts are accounts maintained solely to record amounts owed or paid for non-financial goods or services supplied by the company (eg an electricity account).
What is in the EFT Code?
The EFT Code sets out rules about:
- the information you must be given and when and how it is provided
- what happens when things go wrong, including who is liable when there is an unauthorised transaction on your account
- your responsibility to look after your PINs and passwords and keep them secret
- procedures for making complaints
- special rules to protect the users of stored value facilities
- privacy
- when institutions can contact you electronically rather than on paper.
Who has signed up to the EFT Code?
All banks, credit unions and building societies offering electronic banking services to retail customers subscribe to the EFT Code.
Issuers of payment facilities outside the financial services sector, including entities in the transit, toll-road, telecommunications and retail sectors, have not subscribed to the EFT Code to date, nor have most finance companies.
Businesses that have signed up to the EFT Code must tell you, in their contract with you, that they will comply with the EFT Code.
List of current subscribers to the EFT Code
Read more from 'Using electronic funds transfer: your rights'
More information about the EFT Code of Conduct
FIDO Website: Printed 07/31/2010
