Electronic Fund Transfer Act (EFTA): Definition and Requirements

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The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they transfer funds electronically, including through the use of debit cards, automated teller machines (ATMs), and automatic withdrawals from a bank account. The act was established in 1978 and provides important protections for consumers when transferring funds electronically. EFTA was enacted in response to the increased use of ATMs and electronic banking and covers various forms of electronic fund transfers, including those made via ATMs, debit cards, direct deposits, point-of-sale, and phone.
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