Describe the consumer rights and remedies provided by the Electronic Fund Transfer Act (EFTA) of 1978

What will be an ideal response?

Consumer rights under the EFTA cover the following areas: 1 ) Banks can send unsolicited EFTA cards to consumers only if the cards are not valid for use when received. 2 ) Customers have 60 days from the receipt of a bank statement to notify the bank of its error. 3 ) If the bank is notified within two days from the time a card is lost, the customer can be liable for only $50 in unauthorized use. Liability increases to $300 up to 60 days, and more than $500 after 60 days when no notice is given. 4 ) A bank has to provide written evidence of a transaction made through a computer terminal. 5 ) Banks must provide a monthly statement to an EFTA customer at the end of a month in which a transaction is made. If no transactions are made, quarterly statements must be given. Remedies include liability for damages caused by the bank's failure to make a timely electronic transfer of funds or by the bank's failure to stop a preauthorized transfer from a customer account.