Finextra

JUNE 2, 2024

A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the Electronic Fund Transfer Act (EFTA).

Electronic Fund Transfer Act (EFTA) 64

Electronic Fund Transfer Act (EFTA) CFPB Wire Transfer Disputes 64

PYMNTS

APRIL 13, 2020

In some of those cases, the faster option might be a fresh prepaid account through which the intended funds can be disbursed. However, the Electronic Fund Transfer Act (EFTA) prevents that from happening, not letting banks require people to sign up for accounts just to receive government benefits.

Electronic Fund Transfer Act (EFTA) 111

Electronic Fund Transfer Act (EFTA) CFPB Consumer Financial Protection Bureau (CFPB) Direct Deposit 111

Stax

MARCH 27, 2025

For example, ACH transfers use the Automated Clearing House network, while debit card transactions rely on either a card network (Visa or Mastercard) or a payment processor (Paypal, Stripe, etc.). These help protect both businesses and customers against potential fraud.

ACH 88

ACH Electronic Funds Transfer (EFT) Wire Transfer Wires 88

Stax

JULY 9, 2024

EFT payments have been around for many decades and have federal laws to protect the electronic transfer of funds. One such federal law is the Electronic Fund Transfer Act (EFTA) , which passed in 1978. One of the most frequently asked questions we see is, are EFT payments safe?

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Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

Fi911

JANUARY 4, 2024

The Electronic Fund Transfer Act (EFTA) Enacted in 1978, EFTA regulates bank responses to consumer complaints and sets liability limits for lost or stolen debit cards. It was a response to emerging technologies like ATMs, electronic POS terminals, and remote banking.

Disputes 99

Disputes Laws Rules Government 99

EBizCharge

JUNE 3, 2024

Delays can also occur based on the institutions involved and if a transfer is initiated late in the day or after the end of a business day. What is the Electronic Funds Transfer Act (EFTA)? The Electronic Funds Transfer Act (EFTA) is crucial for consumer protection in electronic payments and banking.

Funds Transfer 52

Funds Transfer Electronic Fund Transfer Act (EFTA) Electronic Funds Transfer (EFT) Wire Transfer 52

Payment Savvy

NOVEMBER 9, 2022

The Electronic Fund Transfer Act (EFTA) is a federal law that establishes the rights and responsibilities of individuals who use EFT services. And if you’re ever unsure whether a payment has been processed correctly, contact your bank or financial institution for help. Regulations for EFT Payment Methods.

Online and Mobile Banking 98

Online and Mobile Banking Wire Transfer Direct Deposit ACH 98