Electronic Fund Transfer Act (EFTA): Federal law that regulates electronic fund transfers, establishes cancellation rights and provides consumer protections for electronic banking transactions
Regulation E (12 CFR Part 1005): Federal regulation that implements EFTA, specifying detailed requirements for electronic fund transfers and notification requirements
NACHA Rules: Rules set by the National Automated Clearing House Association governing ACH transactions, direct deposit processes, and cancellation timeframes
State Banking Laws: State-specific regulations that may impose additional requirements on banking transactions, notice periods, and processing timeframes
Gramm-Leach-Bliley Act: Federal privacy law that governs how financial institutions handle personal financial information
Bank Secrecy Act: Federal law establishing requirements for record keeping and identity verification standards in banking transactions
Notification Procedures: Compliance requirement for clear communication of cancellation procedures and timeframes to account holders
Processing Timeframes: Regulatory requirement to establish and communicate reasonable timeframes for processing direct deposit cancellations
Information Security: Requirement to implement appropriate measures to protect personal and financial information during the cancellation process
Record Retention: Obligation to maintain proper documentation of direct deposit cancellations for regulatory compliance and audit purposes
