Electronic Fund Transfer Act Lawyers

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What is the Electronic Fund Transfer Act?

The Electronic Fund Transfer Act (EFTA) establishes procedures for resolving mistakes on electronic fund transfer account statements, including: 

The EFTA applies to electronic fund transfers, including those involving ATMs, debit transactions, and other electronic banking transactions resulting in the withdrawal of cash from your account.

How Do I Take Advantage of the EFTA?

There are certain steps that you should take under the EFTA if you believe there are errors with your account statements. These include: 

What Do I Do if I Lost or Somebody Stole My EFT Card?

When your credit card is lost or stolen, your loss is limited to $50 per card. With an EFT card, your liability for unauthorized withdrawal can vary based on a number of factors: 

It should also be noted that the EFTA forbids a creditor from requiring you to repay a loan or other credit by EFT (with some exceptions). In other words, you are not required to use EFT.

Do I Need a Lawyer Experienced with Credit Issues?

A lawyer may be helpful in guiding you through the various provisions of the EFTA. A lawyer can help inform you of the risks of using EFT and what rights you have when you do decide to use it.

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Last Modified: 03-30-2016 10:43 AM PDT

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