What is My Exposure With Electronic Fund Transfer?

When I use EFT to have my salary check deposited in my bank account, I also give my employer the right to go back into my account to retrieve funds deposited their by mistake. This is also true of any financial institution depositing funds in your account. You can also make electronic payments to some businesses by giving them your bank account number (and identifying information) and basically saying “Come and get it!”. While this is generally touted as a safe way to transfer money, I remain somewhat suspicious of spreading this information around the ether.

Let’s say that someone managed to get this information, reached into my account and emptied it. Do I have any recourse? Am I just SOL?

15 U.S. Code § 1693g - Consumer liability | U.S. Code | US Law | LII / Legal Information Institute

Wow. That was fast, concise and authoritative. Thanks.

I saw this post, then scrolled back up to check the post you were referring to. Yup, a post by Gfactor. :slight_smile:

Gfactor: When you absolutely, positively need an authoritative, accurate answer (with cites!) by yesterday.