Electronic Funds Transfer Act

Business, Legal & Accounting Glossary

Definition: Electronic Funds Transfer Act



Full Definition of Electronic Funds Transfer Act


A US federal law that gives you certain rights in the event that mistakes occur on your ATM or bank statements or if your ATM card is lost or stolen. Generally, you have a duty to report the mistake or lost card–and the sooner the better. If you notify the bank in a timely manner, it is under a duty to rectify the mistake or not charge you for withdrawals made by someone else with your card. If you delay in reporting your card lost or stolen, however, you can be liable for up to $500, or an unlimited amount if you don’t report the problem for more than 60 days.


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Electronic Funds Transfer Act. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. October 25, 2020 https://payrollheaven.com/define/electronic-funds-transfer-act/.
Chicago Manual of Style (CMS):
Electronic Funds Transfer Act. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/electronic-funds-transfer-act/ (accessed: October 25, 2020).
American Psychological Association (APA):
Electronic Funds Transfer Act. PayrollHeaven.com. Retrieved October 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/electronic-funds-transfer-act/

Definition Sources


Definitions for Electronic Funds Transfer Act are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd April, 2020 | 0 Views.