What US Electronic Fund Transfer Act - 15 USC 1693g Consumer Liability for Unauthorized Electronic Fund Transfers requires
15 USC 1693g titled 'Consumer liability' is the Electronic Fund Transfer Act (EFTA) provision that caps consumer liability for unauthorized electronic fund transfers and allocates the burden of proof to the financial institution. Subsection (a) provides that a consumer is liable for unauthorized electronic fund transfers involving the consumer's account only if the card or other means of access used was an 'accepted card or other means of access' and the issuer has provided 'a means whereby the user of such card or other means of access can be identified as the person authorized to use it, such as by signature, photograph, or fingerprint or by electronic or mechanical confirmation.' Where these conditions are met, the consumer's liability is capped at the lesser of $50 or the amount of money or value of property or services obtained in the unauthorized transfer prior to the time the financial institution is notified. Where the consumer fails to report any loss or theft of a card or other means of access within two business days after the consumer learns of the loss or theft, the cap rises to a total of $500. Where the consumer fails to report within sixty days of transmittal of the statement any unauthorized electronic fund transfer or account error which appears on the periodic statement, the consumer becomes liable for amounts after the 60-day window without the cap. Subsection (b) places the burden of proof on the financial institution to show that the electronic fund transfer was authorized or, if unauthorized, that the conditions of liability and any limiting circumstances have been met. Together these provisions define the EFTA consumer-protection backstop against unauthorized debits, ATM/PIN fraud, and unauthorized P2P transfers and underpin Regulation E at 12 CFR Part 1005.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau / Federal Reserve · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/link/uscode/15/1693g
SHA-256 integrity: 830d3e1799b2f9a56e2228a870fd68f97e90ff858ff680298ce55a97a64c94d2
Primary Citations — 5 traced to source
- 15 USC 1693g - Consumer liability - statutory text at https://www.law.cornell.edu/uscode/text/15/1693g
- 15 USC 1693g(a) - $50 cap, $500 cap after two business days, post-60-day periodic statement window, accepted card and means-of-identification conditions
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