Index
Electronic Fund Transfer Act (EFTA)
Summary
Establishes the rights and liabilities of consumers as well as the responsibilities of all participants in electronic fund transfer systems.
Rights & Rules
- 01.The right to limit liability for unauthorized transfers if reported promptly.
- 02.The right to a receipt or documentation for electronic transfers.
- 03.The right to an investigation by the bank if an error is reported.
Penalties
- 01.Banks may be liable for treble damages if they do not investigate in good faith.
- 02.Statutory damages between $100 and $1,000 in individual actions.
Verified Citations
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