What are some examples of electronic fund transfer systems?
• What record should I be provided with my transaction? • How do I correct an error? • What happens if I lose my ATM or other EFT card? • Can a financial institution set up an account and send me a card without my approval? • Can a creditor require that I use an EFT account? • How will I know when a preauthorized deposit has been made? • How do I stop a preauthorized payment? • If the payments I preauthorize vary in amount from month to month, how will I know how much will be transferred out of my account? • Do the EFT Act protections apply to all preauthorized plans? • What are the penalties if a creditor breaks the EFT Act? Q: What laws apply to electronic fund transfers? A: The Electronic Fund Transfer Act covers the use of the electronic fund transfer (“EFT”) systems. Return to index . . . Q: What are some examples of electronic fund transfer (“EFT”) systems? A: EFT systems include: Automated Teller Machines (“ATMs”) Consumers can do their banking without the assistance of a teller
