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EFT transactions also include ATM withdrawals using debit cards with a personal identification number (PIN). Many cash-only businesses have an ATM onsite, given how ubiquitous debit cards are. EFT payments have been around for many decades and have federal laws to protect the electronictransfer of funds.
The ElectronicFundTransferAct (EFTA) Enacted in 1978, EFTA regulates bank responses to consumer complaints and sets liability limits for lost or stolen debit cards. It was a response to emerging technologies like ATMs, electronic POS terminals, and remote banking.
These can include using a credit or debit card, an electronic check, or an ACH (Automated Clearing House) transfer. The history of electronicfundstransfers begins in the 1960s, with the advent of ATMs. ATM Transactions. History of EFT Payments. Types of EFT Payments.
Whether a customer is shopping in-store or online, these transactions are processed through electronic systems, moving funds from the buyer’s bank account to the merchant’s bank. Bank ATM: Transactions conducted at bank ATMs also fall under the EFT category. What is the ElectronicFundsTransferAct (EFTA)?
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