Electronic Funds Transfer Act

Definition

Regulation E, Part 205 of the Federal Deposit Insurance Corporation (FDIC) regulations, enacted in 1978, which provides protection from unauthorized electronic transactions. The Act establishes protocol for resolving issues and limits a consumer's financial obligations from losses due to misuse, fraud or incorrect financial statements. Examples of transactions include ATM withdrawals, and point-of-sale and online purchases.

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The electronic funds transfer act was a really great act in my opinion because it gave us protection and was cool.

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Thanks to the Electronic Funds Transfer Act, John Smith was only liable for $50.00 when an identity thief illegally withdrew all the funds from his bank account.

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Even though his credit card was stolen and used at several business, he wasn't worried as he knew the Electronic Funds Transfer Act would protect him and assured he wasn't responsible for the transactions.

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Electronic Funds Transfer Electronic Quotation Service