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Electronic Funds Transfer Act

As identity fraud becomes more prevalent and sophisticated, thieves commonly victimize consumers by stealing banking credentials, opening false accounts, cloning debit cards, and initiating fraudulent Zelle and Venmo transactions. The Electronic Funds Transfer Act (EFTA) is a federal law that limits consumers’ liability for unauthorized electronic debits, allows consumers to recover their money back, and can allow consumers to seek compensation up to three times their losses.  The law also sets out specific investigation requirements that financial institutions must follow in the event that you notify the institution of the existence of an unauthorized transaction. 

The EFTA contains strict notification deadlines that must be followed in order to protect your rights so it is important to consult an attorney and your bank as soon as you become aware of unauthorized transactions. 

Our experienced team of attorneys is well-versed in the Electronic Funds Transfer Act (EFTA) and the protection it offers to consumers. We are here to ensure that you understand your rights and provide you with the necessary legal representation to navigate any issues related to electronic funds transfers.

What is the Electronic Funds Transfer Act (EFTA)?

The Electronic Funds Transfer Act is a federal law enacted to protect consumers engaging in electronic funds transfers, such as online banking, debit card transactions, and automated bill payments. The EFTA establishes the rights, liabilities, and responsibilities of both consumers and financial institutions involved in electronic funds transfers.

Understanding Your Rights under the EFTA

At Swift Law, we understand that electronic funds transfers play a significant role in our modern financial landscape. However, problems may arise, such as unauthorized transfers, errors in billing, or disputes over transaction discrepancies. That's where our expertise comes in. Our dedicated team of attorneys will guide you through the EFTA's provisions to help you understand your rights, which include:

  • Disclosure of Terms and Conditions: Financial institutions are required to provide clear and concise information about the terms and conditions of electronic funds transfers, including fees, limitations, and error resolution procedures.
  • Limitation of Liability for Unauthorized Transfers: If an unauthorized electronic funds transfer occurs, the EFTA limits your liability, provided you report the unauthorized activity promptly.
  • Error Resolution: The EFTA mandates a specific procedure for resolving errors in electronic funds transfers. Financial institutions must promptly investigate and correct any errors reported by consumers.
  • Timely Statements: Financial institutions must provide periodic statements that clearly detail all electronic funds transfers, enabling you to monitor your account activity and identify any discrepancies.

How Swift Law Can Assist You

Navigating the intricacies of the Electronic Funds Transfer Act can be complex and overwhelming. Our team of experienced attorneys has an in-depth understanding of the EFTA and the legal framework surrounding it. We are dedicated to protecting your rights as a consumer and ensuring that financial institutions comply with their obligations under the law.

When you choose Swift Law, you can expect:

  • Legal Expertise: Our attorneys have a comprehensive understanding of the EFTA and other relevant laws. We will provide you with accurate and up-to-date legal advice tailored to your specific situation.
  • Personalized Guidance: We recognize that every case is unique, and we will work closely with you to understand your needs and concerns. Our team will guide you through the legal process, explaining your rights and options every step of the way.
  • Strong Advocacy: If you have experienced unauthorized transfers, billing errors, or any other issues related to electronic funds transfers, we will advocate on your behalf. Our skilled attorneys will negotiate with financial institutions to ensure your rights are protected and seek appropriate remedies.
  • Peace of Mind: We understand the stress and uncertainty that can accompany financial disputes. By entrusting your case to Swift Law, you can rest assured that you have a dedicated legal team working tirelessly to achieve a favorable resolution.

Contact Swift Law Today

If you have encountered problems or have concerns about electronic funds transfers, don't hesitate to seek legal guidance. Contact Swift Law for a free consultation by calling (727) 490-9919, e-mailing This email address is being protected from spambots. You need JavaScript enabled to view it., or filling out our contact form. Our knowledgeable attorneys will assess your case, provide personalized advice, and advocate for your rights under the Electronic Funds Transfer Act. With our assistance, you can navigate the complexities of the law and protect your interests effectively.