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 contact us for case evaluation.