15 U.S.C. § 1693a : US Code - Section 1693A: Definitions

Search 15 U.S.C. § 1693a : US Code - Section 1693A: Definitions

As used in this subchapter -
(1) the term "accepted card or other means of access" means a
card, code, or other means of access to a consumer's account for
the purpose of initiating electronic fund transfers when the
person to whom such card or other means of access was issued has
requested and received or has signed or has used, or authorized
another to use, such card or other means of access for the
purpose of transferring money between accounts or obtaining
money, property, labor, or services;
(2) the term "account" means a demand deposit, savings deposit,
or other asset account (other than an occasional or incidental
credit balance in an open end credit plan as defined in section
1602(i) of this title), as described in regulations of the Board,
established primarily for personal, family, or household
purposes, but such term does not include an account held by a
financial institution pursuant to a bona fide trust agreement;
(3) the term "Board" means the Board of Governors of the
Federal Reserve System;
(4) the term "business day" means any day on which the offices
of the consumer's financial institution involved in an electronic
fund transfer are open to the public for carrying on
substantially all of its business functions;
(5) the term "consumer" means a natural person;
(6) the term "electronic fund transfer" means any transfer of
funds, other than a transaction originated by check, draft, or
similar paper instrument, which is initiated through an
electronic terminal, telephonic instrument, or computer or
magnetic tape so as to order, instruct, or authorize a financial
institution to debit or credit an account. Such term includes,
but is not limited to, point-of-sale transfers, automated teller
machine transactions, direct deposits or withdrawals of funds,
and transfers initiated by telephone. Such term does not include -

(A) any check guarantee or authorization service which does
not directly result in a debit or credit to a consumer's
account:
(B) any transfer of funds, other than those processed by
automated clearinghouse, made by a financial institution on
behalf of a consumer by means of a service that transfers funds
held at either Federal Reserve banks or other depository
institutions and which is not designed primarily to transfer
funds on behalf of a consumer;
(C) any transaction the primary purpose of which is the
purchase or sale of securities or commodities through a broker-
dealer registered with or regulated by the Securities and
Exchange Commission;
(D) any automatic transfer from a savings account to a demand
deposit account pursuant to an agreement between a consumer and
a financial institution for the purpose of covering an
overdraft or maintaining an agreed upon minimum balance in the
consumer's demand deposit account; or
(E) any transfer of funds which is initiated by a telephone
conversation between a consumer and an officer or employee of a
financial institution which is not pursuant to a prearranged
plan and under which periodic or recurring transfers are not
contemplated;
as determined under regulations of the Board;
(7) the term "electronic terminal" means an electronic device,
other than a telephone operated by a consumer, through which a
consumer may initiate an electronic fund transfer. Such term
includes, but is not limited to, point-of-sale terminals,
automated teller machines, and cash dispensing machines;
(8) the term "financial institution" means a State or National
bank, a State or Federal savings and loan association, a mutual
savings bank, a State or Federal credit union, or any other
person who, directly or indirectly, holds an account belonging to
a consumer;
(9) the term "preauthorized electronic fund transfer" means an
electronic fund transfer authorized in advance to recur at
substantially regular intervals;
(10) the term "State" means any State, territory, or possession
of the United States, the District of Columbia, the Commonwealth
of Puerto Rico, or any political subdivision of any of the
foregoing; and
(11) the term "unauthorized electronic fund transfer" means an
electronic fund transfer from a consumer's account initiated by a
person other than the consumer without actual authority to
initiate such transfer and from which the consumer receives no
benefit, but the term does not include any electronic fund
transfer (A) initiated by a person other than the consumer who
was furnished with the card, code, or other means of access to
such consumer's account by such consumer, unless the consumer has
notified the financial institution involved that transfers by
such other person are no longer authorized, (B) initiated with
fraudulent intent by the consumer or any person acting in concert
with the consumer, or (C) which constitutes an error committed by
a financial institution.