What rights do I have under the Electronic Fund Transfer Act?

Under the Electronic Fund Transfer Act (EFTA), consumers have certain rights when using electronic fund transfers (EFTs). This federal law protects your rights when you use an electronic payment system such as a credit card, debit card, or direct deposit. Under the EFTA, you have the right to receive a disclosure statement that explains all of the terms and conditions of your account. This statement must include information about how long it takes for your money to be transferred, as well as your liability for unauthorized transactions. The EFTA also gives you the right to dispute any EFTs that you think are unauthorized. If you believe a transaction was made without your knowledge or consent, you can contact your bank to challenge the transaction. The bank must then investigate the dispute, and if it finds that the transaction was unauthorized, you will have the right to receive a refund of the amount. Finally, the EFTA gives consumers the right to receive a detailed account history. You can request a copy of all transactions that occurred in your account over the previous two years. This information can help you spot any unauthorized transactions quickly and easily. Overall, the EFTA is an important law that helps protect consumers when they use an electronic payment system. By knowing your rights and responsibilities under the law, you can ensure that your electronic fund transfers are safe and secure.

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