What is the Electronic Fund Transfer Act ("EFTA")?
The Electronic Fund Transfer Act establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems. The EFTA requires participants to adopt certain practices when they deal with transaction accounting and preauthorized transfers and error resolution, and sets liability limits for losses caused by unauthorized transfers.
For more information, see here: https://www.ftc.gov/legal-library/browse/statutes/electronic-fund-transfer-act
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