What is the Electronic Funds Transfer Act?

The Electronic Funds Transfer Act is a federal law that was created to protect consumers using electronic fund transfer services. This law applies to all types of electronic transfers, including those made with credit cards. In New York, the law sets out several different consumer protections, including the right to receive full disclosure of the terms and conditions of the electronic fund transfer services. This includes a breakdown of fees, limits, and other details that may affect the consumer in terms of cost and risk. The Electronic Funds Transfer Act also gives consumers the right to dispute charges, as well as the right to receive back any money that was taken without authorization. This includes unauthorized charges on a credit card. Additionally, this law also requires financial institutions to supply consumers with notices of their rights regarding pre-authorized and recurring payments. Finally, the Electronic Funds Transfer Act requires that financial institutions guarantee the security and confidentiality of the consumer’s personal information when it is transmitted electronically. This includes protecting the consumer’s banking and credit card numbers, as well as their Social Security number. Altogether, the Electronic Funds Transfer Act serves as an important protection for consumers in New York. It ensures that they have the right to receive complete disclosure of the terms and conditions of the electronic fund transfer services they are using and are aware of their rights when it comes to disputing charges and protecting their personal information.

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What is the Electronic Funds Transfer Act?

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