What is the Electronic Funds Transfer Act?

The Electronic Funds Transfer Act is a federal law that protects consumers when they use electronic fund transfers (EFTs), such as credit card transactions. The law sets regulations for EFTs, including limits on the amount of funds that can be transferred, the disclosure of fees and terms of service, and the ability of consumers to dispute unauthorized or incorrect transfers. The law also requires banks and other financial institutions to provide consumers with certain notices and disclosures related to EFTs. In Washington, the law is enforced by the state Department of Financial Institutions. The Electronic Funds Transfer Act is designed to protect consumers from unauthorized charges, incorrect or incorrect billing, or other problems associated with using EFTs. If a consumer discovers an unauthorized or incorrect transfer, the law requires that a financial institution make an effort to correct the problem promptly and without charging any fees. It also requires that consumers be provided clear and full disclosure of any fees associated with the EFT. In addition, the Electronic Funds Transfer Act also provides consumers with the opportunity to dispute a transfer or other transaction made with a credit card. If a consumer believes that an unauthorized or incorrect charge was made, he or she can file a dispute with their financial institution. The financial institution is then required to investigate the dispute and resolve the matter. In Washington, the Consumer Protection Division of the Attorney General’s Office can also assist consumers with credit card disputes.

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What is the Electronic Funds Transfer Act?

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