Help Desk FAQ

Debit Cards

Prepaid Cards


What is the Electronic Fund Transfer Act and how does it protect me?

The Electronic Fund Transfer Act (EFTA) (sometimes referred to as "Regulation E") spells out the rules governing debit card transactions and what a consumer's rights are if there are billing issues with a debit card. For consumers, it is substantially weaker than the Fair Credit Billing Act, which governs credit card transactions.

According to the EFTA, your liability is limited to $50 if you notify the bank or credit union within two business days of your debit card being lost or stolen. If you don’t notify the financial institution within two days, you could lose up to $500. And if you don’t provide notification within 60 days after receiving a statement showing the unauthorized transaction(s), you could be liable for all unauthorized activity.



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Consumer Help Desk