What is the purpose of the Electronic Funds Transfer Act?

a. It limits your liability if your ATM card is stolen.

b. It limits the amount of money that can be electronically transferred between two bank accounts in one day.

c. It monitors the amount of money that banks transfer electronically.

d. It charges a tax on money transferred electronically.

Question

Social Studies

Butter

27 November, 14:57

What is the purpose of the Electronic Funds Transfer Act?

a. It limits your liability if your ATM card is stolen.

b. It limits the amount of money that can be electronically transferred between two bank accounts in one day.

c. It monitors the amount of money that banks transfer electronically.

d. It charges a tax on money transferred electronically.

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Answers (1)

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Jacquelyn Gomez · Answer 1

The purpose of the Electronic Funds Transfer Act is:

b. It limits the amount of money that can be electronically transferred between two bank accounts in one day.

This purpose aims to regulate laws on fraud and other fraudulent transactions involving bank accounts.