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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.
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ACH Debit
An ACH debit occurs when the receiver’s account is debited.
Related Terms
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RDFI (Receiving Depository Financial Institutions)
A financial institution qualified by the National Automated Clearing House Association (NACHA) to receive ACH transactions.
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