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

Under the Electronic Fund Transfer Act, consumers in South Carolina are granted several rights. This law protects consumers from unfair practices and unauthorized use of their electronic funds. First, the law requires financial institutions to provide clear disclosure statements that explain the rights, liabilities, and responsibilities of both the consumer and the institution. This allows the consumer to make informed decisions before entering into an agreement. Second, any unauthorized electronic transactions must be reported to the financial institution and reimbursed to the consumer. The institution must investigate the claim and inform the consumer of the results of the investigation in a timely manner. Third, the financial institution must protect consumers from errors and unauthorized transactions by providing them with error resolution procedures. This includes making corrections, providing copies of documents, and restoring funds credited or debited in error. Finally, this law also provides for a dispute resolution process. If a consumer and a financial institution cannot resolve an issue related to an electronic transfer, the consumer can file a written complaint with the institution. The institution must respond within a certain time period, and if the dispute is not resolved, the consumer is entitled to bring a lawsuit. Overall, the Electronic Fund Transfer Act provides South Carolina consumers with various rights and protections. This law helps ensure that consumers have access to fair and secure electronic transactions and can seek resolution for disputes.

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

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