EFTA (Electronic Fund Transfer Act)

The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

Related Terms

  • ACK (ACH Payment Acknowledgement)

    An ACK entry is an acknowledgement by the receiving depository financial institution (RDFI) confirming the receipt of a corporate credit or debit (CCD) credit entry.

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  • CIE (Customer Initiated Entry)

    A standard entry class code that enables a consumer to initiate an ACH credit into the ACH network whereby funds will be transferred to a company for...

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