Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Electronic Funds Transfer Act

Read a random definition: contraplacitum

A quick definition of Electronic Funds Transfer Act:

The Electronic Funds Transfer Act (EFTA) is a law that helps protect people when they use electronic banking and financial services like debit cards, electronic withdrawals, transfers, and deposits. It was made in 1978 to make sure people can trust electronic payments and to help them if there are mistakes or fraud. The law says that banks have to let people dispute wrong financial statements and give them information about their rights and responsibilities. If there is fraud, people have to tell the bank within a certain time to not be held responsible for the money. The law helps people feel safe when they use electronic money.

A more thorough explanation:

The Electronic Funds Transfer Act (EFTA), also known as Regulation E, is a law that protects consumers who use electronic banking and financial services. These services include debit card transactions, electronic withdrawals, transfers, and deposits. The EFTA was created in 1978 to establish trust and predictability among consumers using electronic methods of payments where errors or fraud occur.

The Act requires financial institutions to:

  • Allow consumers to dispute incorrect financial statements
  • Provide detailed information regarding the duties, rights, and liabilities of the consumer and institution regarding electronic fund transfers
  • Specify means of resolving disputes between the consumer and institution

If fraud occurs, the Act requires consumers and financial institutions to communicate the fraud within certain timeframes to receive limited liability for the transaction. For example, if a fraudulent transaction is reported within 2 days, the consumer will only be held liable for $50. If reported within 60 days, the consumer will be held liable for $500. After 60 days, the consumer may be held liable for an unlimited amount.

Overall, the Electronic Funds Transfer Act provides important protections for consumers who use electronic banking and financial services.

Electoral College | electronic signature

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.