Submission - Joint response to the Review of the Electronic Funds Transfer Code of Conduct (2008)

Proposal B1

B1Q1 Do you agree with these objectives? What other objectives should the statement of objectives include?

We propose to include a statement of objectives in the revised EFT Code reflecting the following objectives:

(a) providing adequate consumer protection measures for electronic payments;

(b) promoting consumer confidence in electronic banking and payment systems;

(c) promoting better informed consumer decisions about electronic funds transfer services by providing effective disclosure of information;

(d) providing clear and fair rules for allocating liability for unauthorized transactions that reflect long standing banking law principles and build community trust in online funds transfers;

(e) promoting effective procedures for resolving consumer complaints; and

(f) having all businesses that offer electronic funds transfer transactions subscribe to the EFT Code.

B1Q1 Do you agree with these objectives? What other objectives should the statement of objectives include?

Consumer stakeholders support the inclusion of this set of objectives in the Code. There is some inconsistency in the terminology that could be improved during the plain language review of the Code text. For example, four different terms are used in this section to describe electronic funds transfers:

Electronic payments;
Electronic banking and payment systems;
Electronic funds transfer services; and
Online funds transfers.





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