Index
Banking & FinanceUnited States

Electronic Fund Transfer Act (EFTA)

Summary

Protects consumers when they use electronic methods to manage or move money, including ATMs, debit cards, and automatic withdrawals.

Rights & Rules

  • 01.
    Right to limit liability for unauthorized transfers if reported promptly.
  • 02.
    Right to have banking errors investigated and corrected.
  • 03.
    Right to receive receipts and periodic statements.

Penalties

  • 01.
    Actual damages sustained by the consumer.
  • 02.
    Statutory damages between $100 and $1,000 per violation.

Verified Citations

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