The Electronic Funds Transfer (EFT) Act, also known as Regulation E, was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities. Because of the fast growing use of electronic funds transfers, consumers should review their statements for any errors or evidence of unauthorized use.
EFT services include transfers through automated teller machines, point-of-sale terminals, automated clearinghouse (ACH) systems, telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remote internet programs. For more details click here.
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