Electronic Fund Transfers Act (EFTA)

Electronic Fund Transfers Act (EFTA)

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Description

This is a policy guide to comply with Electronic Fund Transfers management as a mortgage banker, mortgage servicer or mortgage broker. This is a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

ELECTRONIC FUND TRANSFERS ACT POLICY (EFTA – REG E)

  • Purpose
  • Scope

EFTA OVERVIEW

  • Electronic Funds Transfer Using Information from a Check
  • Preauthorized Electronic Fund Transfers
  • Preauthorized Fund Transfer Disclosure
  • Subsequent Notice Requirements
  • Written Authorization for Preauthorized Transfers from Consumer’s Account
  • Consumer’s Right to Stop Payment
  • Third-Party Service Providers

PROCEDURES FOR RESOLVING ERRORS

APPENDIX A (DEFINITIONS)

  • Access Device
  • Account
  • Business Day
  • Electronic Fund Transfer
  • Electronic Terminal
  • Prepaid Account
  • Unauthorized Electronic Fund Transfer