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Electronic Funds Transfer Act (EFTA)

Electronic Transaction Fraud & Unauthorized Transactions Law
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Has someone made unauthorized money transfers from your account?  

Have you been electronically scammed out of money from your bank account or credit cards?

Aronov Credit Law Experts USA are here to help

Call now for a Free Consultation

Someone Hacked my Bank Account and ripped me off.  

Electronic theft is a serious crime.  If your bank account, credit cards or other financial entity has been breached and money has been stolen, call a Credit Law Lawyer immediately, you need a specialist.   

Electronic money scams can happen in many ways. It is possible for someone to steal your money through CashApp, Zelle, PayPal, or Venmo, use your lost or stolen card to access your account(s) or for banking institutions to “accidentally” transfer your funds. Equally, a store, online or otherwise, may charge you more than once or sell your credit card information to a disreputable organization.    Perhaps someone has stolen your identity . . . no matter what occurred, you are going to want your money back.  Making that happen isn’t always easy and, in most cases, utilizing the services of an EFTA Legal Expert is the only option to fully reclaim your loss.  

Aronov Credit Law USA  Legal Team … highly trained 

Experts with years of EFTA experience.  

What is EFTA and what do they regulate?

The Electronic Funds Transfer Act (EFTA).  These laws are designed to protect Americans regarding electronic financial transactions.  

  1.       ATM transactions
  2.       Electronic transfers
  3.       Auto-pay service providers.
  4.       Financial Apps:  Zelle, Venmo & CashApp, for example these are known as Peer-to-Peer (P2P) transactions.
  5.       Online and over-the-phone payments
  6.       Electronic Chequing

The EFTA encompasses financial computer transactions via a bank or other financial institution.  Under the EFTA, banks and third-party companies offering online and app-based tools for P2P transactions must follow the laws set out therein. 

What to Do if You Have Been the Victim of Financial Fraud?

If you experience or think you may have experienced financial fraud:

  1. Report it to the financial institution immediately. You have 60 days from the date fraudulent charges appear to challenge the bank/financial institution directly. But, don’t delay, do it as soon as possible. Under the EFTA, you can contest the false charges and report fraud by phone, email, letter, or in person where possible. Keep a written record of your disagreement. 
  2. Keep a log of your communications with the bank/financial institution including dates, times and what was said.
  3. If someone fraudulently uses your ATM card contact the bank/financial institution and the Police immediately.  This also applies to P2P fraud.  
  4. Send a detailed written report of the incident through certified mail. It must include each fraudulent item, times, dates, etc.  Your first call to the bank/financial institution will initiate an investigation. We strongly suggest that you send a detailed written claim letter with supporting documents right away. Always used certified mail.  
  5. It is advisable to include a copy of the account statement(s) with the fraudulent transactions. Be sure to circle, underline, or highlight each fraudulent item. 
  6. Examine your Credit Records. We suggest that you check your Credit Records at all three credit bureaus (Experian, Equifax, and TransUnion) and put a fraud alert on each. Setting a fraud alert is simple. It can be done online or by calling the number given on the website for each credit company.
  7. We suggest you check your Credit Report frequently, once a month is ideal. You can obtain a free copy in three ways: at annualcreditreport.com, over the phone at 877-322-8228, or by sending the form found at annualcreditreport.com. Online requests should only be sent through the page noted here, as it has been verified by the US government.
  8. Call the Police, depending on the seriousness of the crime. To learn more, read “Criminal Prosecution” below.
  9. Talk to a lawyer!  Even though it may seem simple, your rights are greatly affected by Federal and State laws. Hiring an experienced  EFTA lawyer ensures that the process is effective, smooth and efficient..

Contact an Aronov EFTA Specialist Today

Schedule a  Free Consultation 

What do EFTA Lawyers Do?

EFTA lawyers help you understand your rights under the EFTA and any other Federal and State laws that may apply; explain the benefits you are entitled to under the EFTA and act on your behalf to ensure all wrongs committed against you are rectified and that you are compensated accordingly.  This requires in-depth knowledge of the EFTA and all related laws (which may vary from State to State), relevant experience dealing with powerful banking institutions, credit card companies and scam artists all of whom have their own legal teams working to protect themselves.  An EFTA expert forces the bank/financial institution to address your case and bring it to a satisfactory conclusion in your best interest.  It is advisable to have a skilled, experienced, EFTA knowledgeable lawyer on your side.

Aronov Law USA has an experienced team EFTA Lawyers who frequently work in conjunction with our 

Credit Law and Personal Damages teams in cases where multiple offences have been perpetrated against an individual.   

Put your mind at rest . . .  Call us now

Things to Keep in Mind

  1. You are only responsible for $50 in lost money if you report the transactions within two days of the date they appeared on your account balance. You are not responsible for any fraudulent transactions that occur after the date of your report.
  2. If you report the activities more than two days after the date on the account statement but within sixty days, you will be responsible for  $500 of the total loss.
  3. If you report the transactions after 60 days, the bank/financial institution may not have to look into the disputed transfers, and you may have to pay for the whole fraudulent loss. In other words, you won’t get any money back for any of the transactions, even if they were fraudulent.
  4. Banks/financial institutions must look into the disputed transactions within 10 business days of receiving a fraud report. They must let you know the results of their investigation within 3 days. There are times when these deadlines don’t apply but such situations are rare.
  5. When banks/financial companies wrongly take money out of your account, they must put it back.

Prosecution of Crime

Many consumer financial scams are criminal acts. The EFTA does not have laws on how to prosecute these actions. If someone steals your name, forces you to withdraw money from a bank or ATM, or uses your stolen bank card without your permission, it is a financial crime. You need to report these crimes to the proper authorities: the Consumer Financial Protection Bureau, the State Attorney General’s office, and your local Police Department.

Non-Electronic Fraud

There are ways to get justice if you’ve been a victim of fraud involving prepaid cards, wire transfers, or cashing paper checks. You should file a report with the State Attorney General’s Office, the FBI, and the Federal Trade Commission.

Attorney’s Fees for Fraudulent Transfer issues

If you file a lawsuit under the EFTA, the Legal Fees are paid by the company/companies being sued.  The client pays no fees whatsoever.  

Aronov Law USA

Experienced EFTA Specialists fighting to protect your rights.

Serious action … serious results.

Contact us Today for a Free Consultation

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