Electronic Fund Transfer Act (EFTA) Legal Framework Procedures 
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 mandates disclosure of terms and conditions, error resolution procedures, and limits on consumer liability for unauthorized transactions.
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