Electronic Fund Transfer Act

(redirected from Electronic Fund Transfer Act of 1978)

Electronic Fund Transfer Act

Legislations in the United States, passed in 1978, that establishes rights and responsibilities for persons and institutions that use electronic funds transfers. Persons who discover errors on their statements have 60 days to report the error or they are responsible for the loss. Legal liability for lost or stolen EFT cards is limited provided that the financial institution is informed of the loss or theft.
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