Electronic Funds Transfer Act (EFTA)

Electronic Funds Transfer Act (EFTA)

Electronic financial transactions are the foundation of the modern economy. However, they come with potential risks and downsides. There are always concerns related to someone else accessing your account, whether through a stolen debit card or another form of identity theft. There are also risks of banks and financial institutions not reacting quickly to issues and errors, not disclosing fees, or taking advantage of customers in other ways. Fortunately, an Electronic Funds Transfer Act attorney may be able to help you rectify these cases.

The Electronic Funds Transfer Act (EFTA) offers a series of consumer protections regarding their use of financial institutions. Primarily, the protections address issues of proper disclosure, unauthorized transactions, and error resolution.

However, there are still times when these regulations may not be properly followed, so the act also gives consumers the right to file legal claims against institutions that violate EFTA. Consumers may be able to receive compensation to recoup their losses. If you believe you’ve been the victim of a financial institution violating your protections under EFTA, it would be wise to speak with an experienced EFTA attorney at Shay Legal APC.

How an Electronic Funds Transfer Act Attorney Can Help You

The first way an EFTA attorney may be able to help is to assess your case. Because of the complexity of these types of cases, it can be difficult to determine whether or not you have a case that merits potential legal action. Therefore, if you suspect that there may be an issue, it can be important to discuss the case with a qualified lawyer. They can investigate the circumstances in question and help you understand whether or not a claim may be able to be filed.

If there is sufficient cause to consider filing a claim, it’s often possible to first negotiate with the institution in question. While a settlement may not be right for every situation, there can be benefits to avoiding the full legal process. A court battle can often take longer to reach a resolution than many people would like to wait. There is also the element of risk involved, as it’s always possible that the court may see things differently than you would hope. A settlement, on the other hand, at least guarantees the money that you agree to.

Having an attorney negotiating on your behalf can often be beneficial and lead to a more satisfactory outcome. It indicates a seriousness regarding the possibility of going to court, and the defendant’s potential desire to avoid doing so may lead to a better settlement offer. At Shay Legal APC, we have experience working with these financial institutions and understand how to advocate for you during the negotiation process.

If we can’t come to a fair agreement that satisfies your interests, then we are prepared to take the case to court and represent you throughout the process. We can make the case that the violation occurred and fight for the compensation that you are owed.

FAQs

Q: What Is the Notification Deadline for the EFTA?

A: The notification deadline in regard to the EFTA sets a time limit on when you need to notify an institution of a potential EFTA issue. This deadline is 60 days from the date of a statement. If you notify them after this point, it may be difficult to file a claim, receive compensation, or hold them accountable for your damages. It’s important that you regularly review any financial accounts to make sure you are aware of any potential issues. Once you have notified the institution, they are required to promptly begin an investigation.

Q: If I Notice an Unauthorized EFT, How Should I Notify My Bank?

A: The EFTA does not specify an exact process of how you should notify your bank or other financial institution. However, it does state that you should provide notice quickly and be prepared to provide information that can help identify yourself, the account, and the suspicious transactions.

Q: What Is the Statute of Limitations on an EFTA Claim?

A: The EFTA itself does not have a specific statute of limitations. However, this does not mean that there is no deadline to file a claim. Instead, it means that you will likely need to file a claim within the general federal statute of limitations for civil actions. This is typically a deadline of five years. However, there could be exceptions and differences based on the specifics of your case. That’s why it’s important to contact an EFTA attorney as soon as possible after you notice an unauthorized transfer.

Q: How Should I Choose an EFTA Attorney?

A: Deciding on an EFTA attorney should depend on a few different criteria. In particular, you should make sure you work with someone who has a strong understanding of consumer protection law, especially the Electronic Funds Transfer Act. It’s important to remember, also, that experience is invaluable, so you should consider an attorney with extensive experience in handling EFTA cases.

Protect Your Bank Account With the Help of an Electronic Funds Transfer Act Attorney

Almost everyone transfers their money electronically to make payments. Electronic funds transfers include things like the use of a debit card, recurring subscription payments, and other uses of digital means. However, the convenience of these financial transactions can also come with some level of risk. There are a number of different ways that errors in electronic financial transactions could impact your bank account and finances.

The Electronic Funds Transfer Act offers a series of protections for consumers from the risks of electronic commerce. The EFTA also specifically allows consumers the opportunity to bring legal action against banks and financial institutions that fail to properly follow the provisions within the act. An EFTA attorney from Shay Legal APC can help you understand the options that you have under this legislation and how your situation might be remedied. Contact us today to discuss any EFTA violation of which you believe you may have been a victim.