Electronic Funds Transfer Act

"It's ok to email money." That's the gist of the Act.

Jimmy Carter put it in motion in 1978 with the goal of making transactions among major institutions like banks and large corporations...liquid. Before this Act, when money had to be transferred, all kinds of trees had to be killed in the process. Add to the slowness, the need for stamps and angry postal workers...and the previous system was an utter mess.

Coming soon: Eyeblink Money.