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

  • CIE (Customer Initiated Entry)

    A standard entry class code that enables a consumer to initiate an ACH credit into the ACH network whereby funds will be transferred to a company for...

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  • Merchant Account

    An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.

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