By: Robert J. Nahoum What is the Electronic Funds Transfer Act (EFTA)? The Electronic Funds Transfer Act is a federal law, codified at 15 U.S.C. § 1693 et seq., that protects individual consumers who use electronic methods to move money, such as ATM withdrawals, debit card purchases, point‑of‑sale transactions, ACH transfers, and certain wire or remittance transfers. Its purpose is […]
Electronic Funds Transfer Act (EFTA) FAQs: Your Rights After Unauthorized Transfers and Banking Errors
Electronic Funds Transfer Act Timelines: Deadlines for Consumers and Banks After Unauthorized Transfers
By: Robert J. Nahoum Why EFTA Timelines Matter Under the Electronic Funds Transfer Act (EFTA) and Regulation E, strict timelines control when consumers must report unauthorized electronic transfers and how quickly banks must investigate and resolve those disputes. Missing these deadlines can shift thousands of dollars of loss from the bank onto the consumer. Understanding these timelines is critical for […]
How Bank Representative Impersonation Scams Work
By: Robert J. Nahoum Bank representative impersonation scams have surged in recent years as fraudsters use increasingly convincing tactics to trick consumers into sending money or revealing account access. These scams often begin with a phone call, text, or email that appears to come from your bank. The scammer might spoof the bank’s legitimate phone number or email address, making […]
What Qualifies as a Billing Error under the Fair Credit Biling Act (FCBA)
By: Robert J. Nahoum A billing error under the Fair Credit Billing Act (FCBA) occurs when a credit card statement contains mistakes such as unauthorized charges, incorrect amounts, charges for goods or services not received, or computational errors. FCBA lawsuits allow consumers to dispute these errors efficiently, and aggrieved consumers may recover financial damages and, in some cases, attorneys’ fees. […]
How to Get Your Money Back After You’ve Given You Bank Account App Password to Fraudster
By: Robert J. Nahoum THE PROBLEM You got a phone call from what you thought was a representative of your bank and were told that your account was at risk. Concerned, you were convinced to give the caller your username and password. You later learn that the caller was a fraudster not a legitimate bank representative and they emptied the […]
What Is — and Is Not — an Unauthorized Transfer Under the Electronic Fund Transfer Act
What Is — and Is Not — an Unauthorized Transfer Under the Electronic Fund Transfer Act By: Robert J. Nahoum When a withdrawal or payment shows up on your bank account that you don’t recognize, it can be alarming. Fortunately, the Electronic Fund Transfer Act (EFTA) protects consumers from unauthorized electronic fund transfers. But not every unexpected transaction qualifies as […]
What to Do When Your Bank Account Is Hacked
What to Do When Your Bank Account Is Hacked By: Robert J. Nahoum THE PROBLEM Your bank account has been hacked, money has been taken without your authorization, and your bank refuses to refund you the stolen money. As cascade of problems overwhelms you – without your money, you can’t afford to pay your […]