Electronic Funds Transfer Act

Definition from Nolo’s Plain-English Law Dictionary

A federal law that gives consumers the right to correct errors in ATM or bank statements relating to electronic funds transfers (such as ATM use, point-of-sale purchases, and preauthorized withdrawals from a bank account) and limits a consumer's liability for losses in the event of a stolen or lost ATM card.

Definition provided by Nolo’s Plain-English Law Dictionary.