To protect consumers in case the bank makes an error or the customer's account information is stolen, Congress passed the
A) Truth-in-Banking Act.
B) Banking Regulation No. 204.
C) Security Protection Act.
D) Electronic Funds Transfer Act.
E) Financial Securities Act.

Question

Quizplus · Accepted Answer

The Electronic Funds Transfer Act (EFTA) was passed by Congress in 1978 to protect consumers in electronic banking transactions. This includes protections against unauthorized transactions, errors, and lost or stolen debit cards.

To Protect Consumers in Case the Bank Makes an Error