Payment Glossary

EFTA (Electronic Fund Transfer Act)

The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

Related Terms

  • Authorizations (Card Processing)

    All transactions must be authorized via terminal, cash register, voice authorization, or automated voice response phone system (IVR).

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  • OTS (Office of Thrift Supervision)

    The Office of Thrift Supervision, between 1989 and 2011, was a federal agency that regulated all savings banks (chartered and state-chartered), savings associations, and loans associations.

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