The EFTA Differs from the FCBA Regarding

question 2

Multiple Choice

The EFTA differs from the FCBA regarding:

• A)consumer's liability when the EFT card is stolen.
• B)bank's liability if it makes unauthorized transfers.
• C)the consumer's liability for unauthorized electronic funds transfers.
• D)the financial institution's liability to the consumer for failure to make or stop payments. The EFT Act does differ from the Fair Credit Billing Act in a number of important respects.For example,under the EFT Act,the operators of EFT systems are given a maximum of 10 working days to investigate errors or provisionally recredit the consumer's account,whereas issuers of credit cards are given a maximum of 60 days under the FCBA.The consumer's liability if an EFT card is lost or stolen also differs from his liability if a credit card is lost or stolen.

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Definitions:

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a given price.

Price Ceiling

A legal limit on how high the price of a product can be charged in the market.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the actual amount they do pay.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive by selling it at the market price.