Bankwise: Your Rights Simplified

Electronic Fund Transfer Act (Regulation E)

The Electronic Fund Transfer Act (EFTA), enforced through Regulation E, provides key protections for consumers engaging in electronic fund transfers (EFTs) such as debit card transactions, ATM withdrawals, and person-to-person payments. It limits consumer liability for unauthorized transactions, requires written authorization for recurring transfers, and ensures access to error resolution procedures. Financial institutions must investigate reported errors promptly, offer provisional credits when necessary, and cannot impose unfair barriers to reporting issues. The OCC offers guidance and support through its BankWise resources and HelpWithMyBank.gov.