What is the Electronic Funds Transfer Act?

The Electronic Funds Transfer Act (EFTA) is a federal law that regulates how electronic fund transfers are done. It applies to all financial institutions in the United States, including banks, credit unions, savings and loan associations, and certain non-financial entities that offer electronic transfers of funds. In Georgia, the EFTA provides a series of important consumer protections to people who use electronic fund transfers. For example, the EFTA requires financial institutions to give customers certain notices about their rights when they use the funds transfer system. It also requires that the customer’s funds be available for withdrawal according to the agreement between the customer and the financial institution. In addition, the EFTA requires that the customer receive a prompt and accurate statement for all transactions. The EFTA also provides certain protections for credit card holders. For example, the EFTA limits the liability of a cardholder for unauthorized electronic fund transfers. It also sets rules on when a cardholder must be notified of a transaction and how long the consumer must have to dispute a charge. Overall, the EFTA is an important piece of consumer protection legislation that helps to ensure that electronic fund transfers are done safely and securely. It helps to protect both the consumer and the financial institution conducting the transaction.

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What is the Electronic Funds Transfer Act?

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