3
AssignmentMultiple Choice

Understanding Checking and Debit Accounts

Question 3 • Personal Finance - EL3403

What is the purpose of the Electronic Fund Transfer Act?

Answer
A
to encrypt consumer credit reports
B
to deregulate electronic fund transfers
C
to require biometric verification for all EFTs
D
to protect consumers in electronic fund transfers

Explanation

The Electronic Fund Transfer Act sets rules for electronic transfers, including disclosures and protections for consumers when errors or unauthorized transfers occur. Its purpose is to protect consumers in electronic fund transfers, not to encrypt credit reports, deregulate transfers, or require biometric verification for every transaction.

AI-written and checked against the verified answer.

Previous
Next