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

  • ARC (Accounts Receivable Entry)

    An ARC entry is a one time debit entry to the account of a receiver whom has previously been notified that their check (source document) will be...

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  • FDCPA (Fair Debt Collection Practices Act)

    Approved in 1977, the Fair Debt Collection Practices Act allows for legal consumer protection against abusive debt collection practices.

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