Electronic Funds Transfer Act

The Electronic Funds Transfer Act (EFTA), enacted in 1978, is a law that protects consumers when they use electronic methods to move money, such as ATMs, debit cards, and online banking. It establishes your rights and responsibilities, limits your liability if your card is lost or stolen, and requires banks to promptly investigate errors or unauthorized transactions. The law also ensures that banking institutions provide clear information about fees and terms for electronic money transfers, helping you understand and control your electronic financial activity securely.