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In general, the EFTA covers unauthorized transactions in consumer accounts held by banks, loan associations, and credit unions.
The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers.
The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers.
The Electronic Fund Transfer Act (EFTA) (15 U.S.C. 1693 et seq.) of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers.
The Electronic Fund Transfer Act (EFTA) protects consumers when transferring funds electronically. The EFTA was enacted in 1978 as a result of the increased use of ATMs. Protection under the EFTA includes transfers made via ATMs, debit cards, direct deposits, point-of-sale, and phone.
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The EFTA ensures that you will be responsible for a minimal amount of lost or stolen money but thats only if you report any unauthorized transactions quickly. You have 60 days to dispute the transaction before becoming liable for all of the amount in question.
The Act requires financial institutions to allow consumers to dispute incorrect financial statements, and if they should not agree, the act specifies means of resolving the dispute between the consumer and institution.
The Electronic Funds Transfer Act (EFTA), also known as Regulation E, created protections for consumers using certain electronic banking and financial services such as debit card transactions, electronic withdrawals, transfers, and deposits.

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