Electronic Funds Transfer at Point of Sale (EFTPOS)
Many consumers find it convenient to pay for goods and services electronically. When you access your account electronically to make a payment, this called an Electronic Funds Transfer (EFT). You do an EFT transaction every time you:
use your card to withdraw money from an ATM
pay for goods using a credit or debit card at a shop
pay for goods online
pay bills by Bpay or over the phone.
The Electronic Funds Transfer Code (EFT Code) protects consumers who use electronic banking to transfer funds. The EFT Code tells you about the rules that apply to EFT transactions and tells you how to resolve disputes if something has gone wrong—particularly if someone else has made a transaction on your account without your permission.
The EFT Code is administered by the Australian Securities and Investment Commission (ASIC). The ASIC has produced a brochure to help you understand your rights and responsibilities under the EFT Code. You can download a copy of this brochure, Using electronic funds transfer: your rights, from ASIC's consumer website, FIDO. You can also visit FIDO for lots of other tips about how to use electronic banking safely.
If you have concerns about an EFT transaction that you are unable to resolve with the trader, you should raise the matter with your bank or financial institution. You can also contact ASIC's Infoline on 1300 300 630 for help on what to do.
Unfortunately, you should also be wary of scammers when you are transferring funds electronically. While advances in technology are exciting, scammers are also out there taking advantage of technological developments to generate a number of scams that are potentially very costly. Visit our SCAMwatch website to learn about scams that target EFT transactions such as phishing, card skimming, and other banking and online scams.
