Answer: The Electronic Fund Transfer Act protects you against unauthorized electronic transfers and may entitle you to monetary damages and free attorney representation. You can receive up to $1,000 statutory damages plus any actual losses if your EFTA rights have been violated. Learn more.
Additionally, if you do not report an unauthorized transfer that appears on your statement within 60 days after the statement is mailed to you, you risk unlimited loss on transfers made after the 60-day period. That means you could lose all the money in your account plus your maximum overdraft line of credit.
To know whether your EFTA rights have been violated, answer these questions:
1. Are you paying any debts or bills on a recurring basis (i.e. on a monthly basis) via your debit card? Examples may include car payments, insurance payments, student loans, payments on debts, or other bills. ____ Yes ____No
2. Are you paying any debts or bills on a recurring basis (i.e. on a monthly basis) via an automatic withdrawal from your checking or savings account? ____ Yes ____No
3. If yes, do you have a written agreement authorizing these debits or withdrawals? ____ Yes ____No
a. Did you sign the written agreement authorizing these debits or withdrawals? ____ Yes ____No
b. Did you receive a written confirmation authorizing these debits or withdrawals? ____ Yes ____No
4. If you are having regular debits or withdrawals taken from your checking or savings account to pay bills or as part of a payment plan, please identify the companies at issue, the frequency of the debits or withdrawals, the amounts of the debits or withdrawals, and provide a copy of the authorization.