EFT provides consumers with limitations on liability for unauthorized electronic fund transfers. It includes the following types of funds transfers EXCEPT:
EFT provides consumers with limitations on liability for unauthorized electronic fund transfers. It includes the following types of funds transfers EXCEPT:
The Electronic Fund Transfer Act (EFTA) covers point-of-sale transfers, ATM transfers, and most other electronic transactions but does not include any non-electronic transactions. Withdrawals of funds and merchant transactions where no electronic terminal is involved, even if the customer's account is debited, are not classified as electronic fund transfers. Therefore, the correct answer is that it excludes withdrawals of funds, including merchant transactions where no electronic terminal is involved.
The correct answer is C. Transfers initiated by Fax. The Electronic Fund Transfer Act (EFTA) and Regulation E, which implements the EFTA, primarily cover electronic fund transfers such as point-of-sale transfers, automated teller machine (ATM) transfers, and withdrawals of funds including merchant transactions involving electronic terminals. However, transfers initiated by Fax do not fall under the typical categories of electronic fund transfers as defined by Regulation E, making option C the correct answer as the exception among the listed types of funds transfers.