Debit Card and Review of Obligations of the Issuing Bank in the field of fund transfer, Comparative Study on Iranian & American Law

Debit card is given by a bank to holders of current accounts and savings accounts by special contract in order to facilitate the transfer of fund services. This card allows them purchase goods and services without paying cash and up to their accounts, transfer funds electronically or receive cash. Contract of debit card Issuance creates rights and obligations in a relationship between issuing bank and holder of the card in the field of fund receive, fund transfer and access to account information.
This paper argues about debit card and the most obligations of debit card issuing bank in the field of fund transfer with regard to Unification Commercial Code and Electronic Fund Transfer Act of United States of America. These obligations are in the field of transfer of fund and include acceptance and execution of consumer payment order, cancellation and revocation of that, rescission of debit card and instances of commitment to protecting consumer rights such as the establishment of an authorized payment order, using of security procedure and protection of consumer's information.