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What LawsGovern Chargebacks in the US? The development of the chargeback system was initially a response to policies set by the US federal government. The ElectronicFundTransferAct (EFTA) Enacted in 1978, EFTA regulates bank responses to consumer complaints and sets liability limits for lost or stolen debit cards.
Regulatory and Compliance Issues with EFT Payments Regulatory and compliance issues surrounding EFT payments are critical for ensuring the security and integrity of electronic transactions. EFT payments have been around for many decades and have federal laws to protect the electronictransfer of funds.
ACH transfers, or payments made through the Automated Clearing House network, account for billions of dollars in payments annually. In fact, NACHA, the nonprofit that governs the ACH payments network reported 6.1% For example, a law firm typically bills clients multiple times either for installment payments or ongoing hourly charges.
It oversees compliance with federal banking laws, including those governing payments. Federal Trade Commission (FTC): The FTC is responsible for enforcing antitrust laws and protecting consumers from deceptive or unfair business practices, including those related to payments.
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