The Learning Center
GLOSSARY TERMS
# - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z
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:

  • Preauthorized payments, such as automatic withdrawal of mortgage or auto payments.
  • Prepaid cards, such as gift cards, phone cards, and public transit cards may not be covered.
  • The right to stop payment on electronic payments.


Previous Credit Card Term: Double-billing cycle

Next Credit Card Term: Equal Credit Opportunity Act (ECOA)


* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Here" button, you can review the credit card terms and conditions on issuers website.