Nolo's Plain-English Law Dictionary
Need Professional Help? Talk to a Lawyer
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
- Electronic Funds Transfer Act
- A federal law that gives consumers the right to correct errors in ATM or bank statements relating to electronic funds transfers (such as ATM use, point-of-sale purchases, and preauthorized withdrawals from a bank account) and limits a consumer's liability for losses in the event of a stolen or lost ATM card.