What happens during the process of an electronic funds transfer? An electronic f

Question

What happens during the process of an electronic funds transfer?

An electronic funds transfer (EFT) consists of the following steps:

Making application

Data preparation and transmission from one bank to another

Debiting remittance drawer’s bank

Crediting receiving drawee bank

Crediting beneficiary account

Confirmation at service branch

Confirmation at beneficiary branch

What protection is given to consumers by the Electronic Fund Transfer Act?

The EFT Act recognizes the right of consumers to suggest the financial institution to which payments are to be carried out.

The EFT Act also prohibits a lender from requiring a customer to pay back a loan or other forms of credit by electronic fund transfer, except when there is an overdraft on checking plans.

She deposited it in her bank account. Norris died before the check cleared, and his bank refused to pay it. May a bank honor a check when it knows of the death of the drawer?

A bank can honor a check when it knows of the death of the drawer provided there are funds present in the drawer’s account and if the check was drawn on or before the day of death for ten days following the date of death.

Explanation / Answer

In a paragraph or two answer the following case:

“While in the hospital during his final illness, Norris wrote out a check and gave it to his sister. What happens during the process of an electronic funds transfer? What protection is given to consumers by the Electronic Fund Transfer Act? She deposited it in her bank account. Norris died before the check cleared, and his bank refused to pay it. May a bank honor a check when it knows of the death of the drawer? Explain. In re Estate of Norris, 532 P.2d 981 (CO).”

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