Asked by Diana Stevenson on May 06, 2024
Verified
The Electronic Fund Transfer Act of 1978 sets out which of the following?
A) The rights and liabilities of the parties in electronic fund transfers.
B) How banks must handle transfers between each other.
C) Consumers can sue the banks if funds are misplaced.
D) How banks must transfer money overseas.
E) How merchants transfer funds between each other.
Electronic Fund Transfer Act
A law that protects consumers when they transfer funds electronically, including ATMs, debit cards, and direct deposits.
- Contrast the various electronic fund transfer systems and understand their specific regulatory environments.
- Recognize the consumer protection laws related to banking transactions and electronic fund transfers.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
A
Explanation :
The Electronic Fund Transfer Act of 1978 primarily addresses the rights, liabilities, and protections for consumers engaging in electronic fund transfers, ensuring consumers are protected in transactions like ATM withdrawals, direct deposits, and transfers between accounts.
Learning Objectives
- Contrast the various electronic fund transfer systems and understand their specific regulatory environments.
- Recognize the consumer protection laws related to banking transactions and electronic fund transfers.
Related questions
Which of the Following Is True Regarding Types of Electronic ...
Assuming the Bank Is Not Negligent, in the Case of ...
A[n] ________ Is When Money Is Transferred by an Electronic ...
Banks Are Not Required to Disclose Their Funds Availability Policy ...
Electronic ________ Is a System in Which Funds Are Electronically ...