Electronic Funds Transfer Act (EFTA)

Electronic Funds Transfer Act (EFTA)

Course Length: 35 minutes

This 35-minute training course explains the legal requirements under the EFTA and Regulation E in simple, understandable terms.

Electronic fund transfers (EFTs) are growing ever more popular as businesses and individuals move toward a paperless economy. EFTs offer many benefits, such as reduced administrative costs and increased efficiency. Yet EFTs also raise fraud concerns. The Electronic Fund Transfer Act (EFTA) was enacted to protect consumers against EFT-related fraud and errors. The Federal Reserve Board implements the EFTA through Regulation E, a set of rules detailing the responsibilities of financial institutions that offer electronic banking services to consumers. Employees who are involved in providing EFT services to consumers must understand and comply with the EFTA and Regulation E. This 35-minute training course explains the legal requirements under the EFTA and Regulation E in simple, understandable terms. It includes pop quizzes, news clippings and a final quiz highlighting real-world compliance issues that employees should learn to recognize and deal with appropriately.

The topics covered in this course include:

• Overview of the EFTA and Regulation E
• Issuance of access devices
• Disclosures
• Preauthorized transfers
• Overdraft services
• Gift cards
• Resolving errors
• Consumer liability
• Record retention
• Penalties

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