Definitions for "Electronic Funds Transfer Act"
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.
The law passed by the US congress in 1978, which set out the rights and obligations of consumers and their financial institutions regarding the use of electronic systems to transfer funds. This act is implemented in the Federal Reserve Bank's Regulation E.
US Congress law from 1978; regards rights that consumers have in how they interact with financial institutions concerning the use of electronic funds, transfer funds, etc.; this act is implemented through the Federal Reserve Bank's Regulation E
Keywords:
signature
Electronic Signature