Regulation E establishes the rights, liabilities, and responsibilities of parties in electronic funds transfers and protects consumers when they use such systems. The term “electronic fund transfer” (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or debit a consumer’s asset account. The law and regulation establish the basic rights, liabilities and responsibilities of consumers who use EFT services and of financial institutions that offer these services.

Read City National Bank’s Electronic Fund Transfer Disclosure here.

 

 

 

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