Electronic Funds Transfer Act (EFT) Act

The Electronic Funds Transfer Act was implemented in 1978 to establish the rights and liabilities between consumers and third parties. If you believe your account was accessed or debited unfairly or there has been an error, here are the steps you must follow to guarantee quick correction or explanations on charges.

Consumers must first write or contact the institution immediately or within 60 days of the original incidence. You are responsible to provide your name, account number an explanation on the error (including type, dollar amount and date) as well as submitting a claim in writing, if you haven't already done so. The financial institution must then investigate the error within 45 days of the claim and resolve it.

If you do lose your EFT enabled card, like your debit card, you are only subjected to up to $50 in loses, if you report your card lost or stolen in the first 48 hours. If not filled in the first 48 hours, consumers could be responsible in losses up to $500!

As for payday advances, many lenders will require that instead of a paper check you will provide them with authorized direct withdrawal of the loan amount and interest on a specific pre-determined date and amount. If you feel there has been an error in the areas of, amount of frequency, feel free to call the company but if you can't get a hold of them, try contacting the FDIC

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