Electronic Fund Transfer Act (EFTA)

The Electronic Fund Transfer Act (EFTA) is a law that protects consumers when they use electronic methods to move money, such as debit cards, ATMs, and online banking. It ensures your rights and limits your liability if your card is lost or stolen, and it requires clear disclosures about fees and transactions. The EFTA also establishes procedures for resolving errors or unauthorized transactions, helping you to correct mistakes and recover funds when needed. Overall, it provides a framework of protections and guidelines to make electronic banking safe and transparent for consumers.