Electronic Fund Transfer Act

The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities.  Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee’s bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fed wire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers.

• Did a creditor require that you use an EFT account?
• Have you paid for undisclosed or unauthorized bank fees at an ATM?
• Was your privacy invaded after a transfer of electronic funds?

IF YOU ANSWERED YES TO ANY ONE OF THE QUESTIONS, WE CAN HELP YOU! DON’T WAIT, CALL US TODAY!