EFT Terms and Conditions of Transfer under the Electronic Fund Transfer Act 2007 Explain the Terms and Conditions of Transfer under the Electronic Fund Transfer Act 2007

1. Terms and Conditions of
Transfer under the
Electronic Fund Transfer
Act 2007

2. Terms and Conditions of Transfers.-
 (1)Consumer’s Account disclosed in understandable
manner:
 The terms and conditions of Electronic Fund Transfers involving a
Consumer’s Account shall be disclosed by a Financial Institution, operator
or other Authorized Party in English and in a manner clearly understood
by the consumer, at the time the Consumer contracts for an Electronic
Fund Transfer service, in accordance with the instructions of the State
Bank.

3.  (2) Such disclosures may include the following, namely:-
 (i) Consumer’s liability to inform about
unauthorized EFT:
 The Consumer’s liability for unauthorized Electronic Fund Transfers and, at
the option of the Financial Institution or Authorized Party or Operator,
notice of the advisability of prompt reporting of any loss, theft, or
unauthorized use of a Card, Access Code or other means of access.
 (ii) Information about suspicious person:
 The telephone number and address of the Person or office to be notified
in the event the Consumer believes that an unauthorized Electronic Fund
Transfer has been or may be effected.

4.  (iii) Nature of Electronic Fund Transfers:
 The kind and nature of Electronic Fund Transfers which the Consumer
may initiate, including any limitations on the frequency or amount of
transfers.
 (iv)Charges for EFT:
 Any charges for Electronic Fund Transfers or for the right to make such
transfers.
 (v) Right to stop payment:
 The Consumer’s right to stop payment of a Preauthorized Electronic
Transfer and the procedure to initiate such a stop payment order.

5.  (vi) Right to receive info about EFT:
 The Consumer’s right to receive information of Electronic Fund Transfers
under section 29.
 (vii)Submission of Summary:
 A summary, in a form Prescribed by the State Bank, of the error resolution
provisions of section 36 which, the Financial Institutions, Authorized
Parties or Operators shall be required to transmit at least once per
calendar year.

6.  (viii)Liability towards Consumer:
 The Financial Institution’s, Authorized Party’s or Operator’s liability to the
Consumer.
 (ix)Disclosure of info to third parties:
 The circumstances under which the Financial Institution, Authorized
or Operator will in the ordinary course of business disclose information
concerning the Consumer’s Account to third Persons.

7.  (x)Fee Notice:
 A notice to the Consumer that a fee may be imposed by an ATM
Operator or Service Provider, if the Consumer initiates a transfer from an
ATM or other Electronic Terminal that is not operated by the Person or
Financial Institution issuing the Card or other means of access.

8. Thank
you