EFTA

What is an access device?

A card, code, or other means of access to a consumer's account or a combination of these used by the consumer to initiate EFTs.

What is an EFT - Electronic fund trsnsfer?

A transfer of funds initiated through an electronic terminal, telephone or computer. It includes POS (point of sale) transfers, ATM transfers, direct deposits or withdrawals of funds and debit card transactions.

What does ACH mean?

Automated Clearing House

Are EFTs and Debit Card transactions the same thing?

Both are cashless transfers, but they are different. An EFT transfers funds. A debit card transaction only transfers funds if the funds are available.

What are some examples of an access device?

Debit cards, Pins, telephone transfer and telephone bill payment codes

What is EFTA?

Electronic Fund Transfer Act. It is intended to protect consumers engaging in all forms of electronic fundtransfers. The main point we need to remember is we cannot REQUIRE a consumer to allow us to Debit, ACH, or otherwise without consent.

Are ACH and EFT the same thing?

In a sense, yes. Both are transfers of funds from a checking account to a checking account or other entity. However, with ACH the Federal Reserve is the middle man. With EFT's the banks are the middleman. ACH has no human intervention and are usually processed in batches. EFTs are completed by humans or tellers. ACHs take a few days. EFT's are instant.

What is not included in "access devices"?

Magnetic tape or other devices used internally by the bank to initiate electronic transfers -A check or draft used to capture the miCR encoding or routing, account, and serial numbers to initiate a one-time ACH debit

What about ECK - Electronic Check Conversion?

That's Walmart. Not us. Why? because we hold the customer's check until they bring us cash. The customer has to be present with his check to authorize an ECK. We do not do it.

Who governs EFTA?

The CFPB

Who is subject to EFTA?

We are. We use debit cards to take payments on occasion which falls under Regulation E.

Can we ACH an installment loan?

Yes if we had express permission from the consumer, and permission is in writing, and put in customer's file. Again, we do not ACH a customer's account.

Does the customer have to authorize an ACH action on a held check?

Yes, but we do not ACH a customer's account.