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Course Description

Evidence of the world moving toward a paperless economy comes in the growing use of electronic fund transfers (EFTs) by both consumers and businesses. These electronic banking services improve efficiency and lessen administrative costs. However, they also increase the opportunities for fraud. In response, the Electronic Fund Transfer Act (EFTA) was enacted to protect consumers against EFT-related errors and fraud. The Federal Reserve Board implements the EFTA through Regulation E — a list of rules regarding the responsibilities of financial institutions offering electronic banking services. It is essential that all employees involved in providing EFT services understand and adhere to the EFTA and Regulation E.

The Cintas, 35-minute Online EFTA Training Course summarizes the legal requirements under the EFTA and Regulation E in easy-to-understand terms. Content includes quizzes and news briefs, as well as real-world compliance issues that employees should learn to recognize and deal with appropriately to protect both themselves and their companies. Topics include:

  • A comprehensive look at the EFTA and Regulation E
  • Issuance of access devices
  • Understanding disclosures
  • What constitutes preauthorized transfers?
  • Understanding overdraft services
  • Role of gift cards
  • How to resolve errors
  • What is the liability of consumers?
  • Role of record retention
  • Know and avoid penalties

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Free Compliance & Employee Training Courses