The general assembly declares as its purpose in adopting this chapter to provide:
 1. That electronic funds transfer systems should provide reliable service to the consumer with full protection of privacy of personal financial information.

Terms Used In Iowa Code 527.1

  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
 2. That electronic funds transfer systems should not impair the safety and soundness of a person‘s funds.
 3. That electronic funds transfer systems are essential facilities in the channels of commerce.
 4. That regulation of electronic funds transfer systems should be fair and not unduly impede the development of new technologies which benefit the public.