What is the Electronic Funds Transfer Act?

The Electronic Funds Transfer Act (EFTA) is a federal law that applies to all forms of electronic banking in Delaware and nationwide. It was passed in 1978 by the US Congress with the purpose of protecting consumers from potential fraud and other losses that may occur when using electronic banking services. EFTA provides consumers with certain rights, such as the right to receive a receipt for all electronic fund transfers and the right to dispute illegal or unauthorized transfers from their accounts. EFTA also imposes certain obligations on banks, such as providing a disclosure statement to customers outlining their rights and responsibilities before allowing them to use electronic banking services. In Delaware, the EFTA is enforced by the state Office of the Attorney General and the US Consumer Financial Protection Bureau. By providing consumer protection, the EFTA ensures that Delaware citizens have the secure and reliable banking services they need.

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What is the Electronic Funds Transfer Act?

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