Electronic Fund Transfer Act (EFTA) Funds Transfer Legal Framework 
Fi911
JANUARY 4, 2024
Certain regulations known as “chargeback rules” are, in fact, based on legal statutes. 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.
Clearly Payments
FEBRUARY 8, 2024
By enforcing compliance with legal frameworks, regulation not only upholds the integrity of the financial system but also safeguards national security interests. It covers disclosures, error resolution procedures, and limitations on consumer liability for unauthorized transfers.
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