Explain the Purpose of the Electronic Fund Transfer Act (EFTA)

Question

Examlex · Accepted Answer

The Answer is The Electronic Fund Transfer Act (EFTA) provides remedies for lost or stolen cards,billing errors,and other such problems involving ATMs,point-of-sale machines,electronic deposits,and the like.Under the EFTA,liability for misuse of missing cards is capped at $50 if the consumer provides notice within two business days after learning of the loss.The loss could reach $500 if notice is provided within 60 days and could be unlimited thereafter.The Dodd-Frank Act amended the EFT to impose limits on debit card interchange fees.

Explain the Purpose of the Electronic Fund Transfer Act (EFTA)

Definitions: