Nolo's Plain-English Law Dictionary

Legal Dictionary Home

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.
LA-NOLO1:CM1.2.1.20150520.32264+