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 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 […]