Electronic Fund Transfer Act

The Electronic Fund Transfer Act is a United States federal law that establishes the rights, liabilities, and responsibilities of individuals engaged in electronic fund transfers. The act was passed by Congress in 1978 and regulates transactions such as direct deposit, ATM withdrawals, and point-of-sale transfers. The act also requires financial institutions to provide customers with certain protections, such as advance notice of fees for certain types of transfers and the right to stop payment on unauthorized transfers.

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