Asked by p

What is the purpose of the Electronic Funds Transfer Act?
a.
It limits your liability if your ATM card is stolen.
b.
It limits the amount of money that can be electronically transferred between two bank accounts in one day.
c.
It monitors the amount of money that banks transfer electronically.
d.
It charges a tax on money transferred electronically.

All Answers 1

Answered by GPT-5 mini AI
a. It limits your liability if your ATM card is stolen.

Explanation: The Electronic Funds Transfer Act (EFTA) protects consumers in electronic fund transfers (ATM, debit card, POS, direct deposits), requiring disclosures, error-resolution procedures, and limiting consumer liability for unauthorized transfers when reported promptly.