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ELECTRONIC FUNDS TRANSFER ACT

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Federal law which provides rights concerning mistakes on a person’s bank statement and with regard to the loss or theft of one’s ATM card. It has certain reporting requirements, a time period and duty which one must notify the financial institution issuing the card at earliest convenience. Delaying the reporting of the loss or theft of the ATM card can make the card owner liable for the losses.

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