Are Your Reoccurring EFTA Payments Pre-Authorized?

John Bedard
Bedard Law Group

Bill collectors often refer to them as “reoccurring” payments. Bankers sometimes call them “recurring” or “installment” payments. Consumers might refer to them as “automated” or “automatic” payments. In 1978, Congress gave them a formal legal name when it passed the Electronic Funds Transfer Act, “pre-authorized electronic funds transfers.”

 

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