Electronic Fund Transfer Act

The use of electronic banking poses many potential concerns with privacy, online theft and identity theft. The use of these processes may hold more convenience; however there may be some losses that will occur as a result of its use. Whether or not there will be protection for the consumer depends on whether or not the Electronic Fund Transfer Act will provide some remedies for the potential losses.

The following questions have been addressed in this article:

Are all transactions covered by the EFT Act?
How should companies formulate their policies?
What documents should consumers use to best protect their interests?

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