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

  • Auxiliary On-Us Field

    A field on the magnetic ink character recognition (MICR) line of a check or share draft. This is an optional field that can be found to the...

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  • Receiver

    Any company, organization or entity authorizing an originator to initiate an ACH credit or ACH debit transaction.

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