Unauthorized EFT definition
Unauthorized EFT means an electronic fund transfer from a consumer’s account initiated by a person other than the consumer without the actual authority to initiate the transfer and from which the consumer receives no benefit. The term does not include an EFT initiated: • By anyone authorized by you (such as, anyone you give your Card or PIN to), unless and until you notify us that the person is no longer authorized; • With fraudulent intent by you or any person acting in concert with you; or • By us or our employees.
Unauthorized EFT means an [EFT] from a consumer’s account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit.” § 1005.2(m).
Unauthorized EFT. An EFT from your Account initiated by a person other than you without actual authority to initiate the transfer and from which you receive no benefit. The term does not include an EFT initiated (a) by a person who was furnished the access device to your Account by you; or (b) with your fraudulent intent or any person acting in concert with you. “Access device”, for the purpose of this definition, means a card, code, or other means of access to your Account, or any combination thereof, that may be used to initiate an EFT. “U.S.”: United States of America.
Examples of Unauthorized EFT in a sentence
See, How to Notify Us of Unauthorized EFT, Lost Device, Error or Inquiry, subsection (1) and (2), above, on how to notify us.