What types of electronic funds transfers are covered by the Electronic Fund Transfer Act?

The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they use services such as ATMs or debit cards, wire transfers, or electronic fund transfers. The EFTA covers most types of electronic funds transfers (EFTs) used in the United States. This includes transfers from one bank account to another, as well as transfers from one account to another account at the same bank. It also covers purchases made with debit cards and withdrawals from ATMs, as well as direct deposits and pre-authorized bank drafts. The EFTA also covers other types of fund transfers, such as telephone transfers, online bill payments, and electronic check conversion. These types of transfers can involve any funds in a consumer’s account, including credit card payments, loan payments, or other payments made with a checking account. The EFTA also covers funds transfers involving public benefits, such as Social Security payments or veterans’ benefits. These transfers are subject to certain special consumer protections that the law requires. Additionally, some transfers involving foreign countries may be covered, but it is important to check which specific transfers are included. The EFTA provides a valuable source of protection for New Hampshire consumers when they use electronic funds transfer services. The law helps to ensure that consumers’ financial transactions are secure and that they can resolve any dispute quickly and efficiently.

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What types of electronic funds transfers are covered by the Electronic Fund Transfer Act?

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