Electronic Funds Transfer Act

Definition of "Electronic Funds Transfer Act"
  1. A federal law that protects consumers in instances of automated financial transactions, helping address any errors in bank or ATM statements, while limiting the financial responsibility of a user in case their ATM card is lost or stolen
How to use "Electronic Funds Transfer Act" in a sentence
  1. Under the Electronic Funds Transfer Act, he was able to correct the discrepancies in his bank statement.
  2. The Electronic Funds Transfer Act offers protection for consumers when dealing with automated financial transactions.
  3. If your ATM card is stolen, the Electronic Funds Transfer Act limits your financial liability.

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