What is the Electronic Fund Transfer Act?

The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they use electronic funds transfer (EFT). This law provides legal protections for electronic transfers, such as automatic withdrawals from your bank account to pay bills. It also covers credit card transactions and money transfers from a bank, credit union, or other financial institution. The EFTA protects consumers in Minnesota by limiting the amount a consumer can be held responsible for unauthorized transfers. It also requires companies to provide customers with a notice about their rights and responsibilities when using electronic funds transfer services. The law also gives customers the right to stop payment on a transaction and have the amount of the transfer refunded. The law also requires financial institutions to take reasonable steps to protect customers from fraud and unauthorized transfers from their accounts. Financial institutions must also disclose the terms and conditions of EFT services, as well as error resolution procedures to customers. Overall, the Electronic Fund Transfer Act provides important legal protections for consumers when using electronic fund transfers, credit card transactions, and other electronic money transfers. This law helps to ensure that customers in Minnesota are able to confidently and securely use electronic funds transfer services.

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