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Form 3815 Authorization Agreement for Electronic Funds Transfer EFT

Form 3815 Authorization Agreement for Electronic Funds Transfer EFT

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Instructions and help about Form 3815 Authorization Agreement For Electronic Funds Transfer EFT

today we will talk about the electronic fund transfer Act efta definition and requirements the electronic fund transfer Act is a federal law that protects consumers when they transfer funds electronically including through the use of debit cards automated teller machines ATMs and automatic withdrawals from a bank account among other protections the efta provides a way to correct transaction errors and limits the liability resulting from a lost or stolen card electronic fund transfers are transactions that use computers phones or magnetic strips to authorize a financial institution to credit or debit a customer's account electronic transfers include the use of ATMs debit cards direct deposits point of sale transactions transfers initiated by phone automated Clearing House a systems and pre-authorized withdrawals from checking or savings accounts the efta outlines requirements for banking institutions and consumers to follow when errors occur under this act consumers can challeng

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