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The laws, regulations, and industry practices that protect consumers who use electronic payment systems: credit and debit cards

Mark Furletti and Stephen Smith

No 05-01, Consumer Finance Institute discussion papers from Federal Reserve Bank of Philadelphia

Abstract: Summary: This is the first in a series of three papers that examines the protections available to users of various electronic payment vehicles who fall victim to fraud, discover an error on their statement, or have a dispute with a merchant after making a purchase. Specifically, it examines in detail the federal and state laws that protect consumers in the three situations described above as well as the relevant association, network, and bank policies that may apply. The protection information included in this paper is derived from a wide range of public and non-public sources, including federal and state statutes, consumer-issuer contracts, and interviews with scores of payments industry experts. This first paper focuses on the two most widely used electronic payment methods: credit cards and debit cards. The second paper in the series will examine two newer electronic payment vehicles: ACH debits and prepaid cards. The third paper will discuss the broader industry and policy implications of the authors? findings.

Keywords: Regulation E: Electronic Fund Transfers; Regulation Z: Truth in Lending; Consumer protection; Fraud (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-fmk, nep-law, nep-net and nep-reg
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedpdp:05-01

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