Electronic Funds Transfer Act
What is it? A federal law that gives you certain rights in the event that mistakes occur on your ATM or bank statements or if your ATM card is lost or stolen. Generally, you have a duty to report the mistake or lost card--and the sooner the better. If you notify the bank in a timely manner, it is under a duty to rectify the mistake or not charge you for withdrawals made by someone else with your card. If you delay in reporting your card lost or stolen, however, you can be liable for up to $500, or an unlimited amount if you dont report the problem for more than 60 days.Added By: Brady
The Electronic Funds Transfer Act definition has been viewed 288 Time(s)!
Send To Friends!
If you'd like to send the Electronic Funds Transfer Act definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Electronic Funds Transfer Act. If you need any more information on this term, please don't hesitate to contact us.