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Electronic Fund Transfer ActThe Electronic Fund Transfer Act of 1978 establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services.
It covers transactions conducted at automated teller machines - also called ATM, at point of sale terminals in stores, and through telephone bill payment plans and preauthorized transfers to and from a customer's account, such as direct deposit of salary or Social Security payments.
For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.
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