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

  • RCK (Re-presented Check)

    An additional presentment of an eligible returned paper check through the ACH network.

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  • WEB (Internet Initiated Entries)

    A standard entry class code that enables an originator to debit a consumer’s account pursuant to an authorization obtained from the receiver via the internet.

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