Gift cards, stored-value cards, credit cards, and prepaid phone cards are excluded from the EFTA.
What are the types of electronic fund transfer?
If a payee re-presents electronically a check that has been returned unpaid, the transaction is not an EFT, and Regulation E does not apply because the transaction originated by check.
What is not a EFT transaction?
Electronic funds transfers include all types of electronic payments. On the other hand, an ACH payment is made within the Automated Clearing House Network (e.g., payroll and direct deposit). For example, wire transfers are not ACH transactions.
Which is not the type of EFT payments?
While ACH payments, e-Checks, and wire transfers are universally considered EFTs, some other electronic payment and transfer methods may be part of the EFT family. Other electronic payment methods include PayPal, SEPA payments, local bank transfers, ewallets, and ATM transfers.