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

  • Authorizations (Card Processing)

    All transactions must be authorized via terminal, cash register, voice authorization, or automated voice response phone system (IVR).

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  • Basis Points

    Basis Points is a financial term that describes one one-hundreth of a percent (1 basis point = .0001 or .01%). Normally, the addition of basis points for...

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