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Terms that begin with E
Electronic Fund Transfer Act (EFTA)
The Electronic Fund Transfer (EFT) Act, also known as Regulation E, was established in the United States in 1978 to establish guidelines for the rights and liabilities for consumers who use electronic funding, as well as EFT service providers.
Under the EFT Act if an error is found in regards to electronic funding there are specific guidelines and time frames in which the consumer and the provider must follow to resolve the issue. Consumers should review their bank and credit card statements regularly and if there are any discrepancies they should approach them immediately. The EFT Act is designed to protect the consumer and the provider by providing both and with rights and liabilities.
There are certain things the EFT Act does not cover including:
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