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The Electronic Funds Transfer Act (EFT Act)

The Electronic Funds Transfer Act (EFT Act)

This law is specifically created for exchange of money via ATMs, banks, computers, or through other electronic means.

The Electronic Funds Transfer Act (EFT) Protects You By:

Your Rights

  • Notifying you of any fee associated with electronic transactions
  • Making sure the terms and conditions are in clear English, free of jargon; all fees, necessary dates, contact data and instruction must be presented
  • Ensuring institutions supply consumers with records of all transactions
  • Protecting consumers if banks make a mistake such as:
    • Failure to stop payment once correct procedure was followed
    • Mistakes made while processing
    • Failure to credit an account
    • Requiring written authorization is needed for electronic transfers to be allowed; however, in order to stop payments, written or verbal is fine
This law is meant to ensure your rights are protected; if you feel they have been violated you can get in touch with us for a free case review.

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