Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?
Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?
The primary purposes behind the Electronic Fund Transfer Act (EFTA) include providing disclosures to consumers who use electronic fund transfer (EFT) systems and providing consumers with limitations on liability for unauthorized electronic fund transfers. These provisions ensure consumer awareness and protection within the realm of electronic banking.
The correct answer is C. Both A and B. The Electronic Fund Transfer Act (EFTA) was enacted with the primary purposes of providing consumers with disclosures related to their use of electronic fund transfer (EFT) systems and offering protections, including limitations on consumer liability for unauthorized electronic fund transfers. These provisions ensure that consumers are well-informed about their transactions and rights within electronic banking systems and are protected against the financial implications of unauthorized access and transactions.