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

  • CBR (Cross Border Payments)

    A standard entry class code used for the transmission of corporate cross border ACH credit and ACH debit entries. The CBR format accommodates the exchange of information...

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  • Lockbox

    Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...

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