Preauthorized Electronic Fund Transfer Law and Legal Definition
The term "preauthorized electronic fund transfer" means an electronic fund transfer authorized in advance to recur at substantially regular intervals. A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer.
Legal Definition list
Related Legal Terms
- 107th Meridian Escrow Fund
- Additional Funds Needed [AFN]
- Administrative Subdivision of Funds
- Administrative Takedown Funds [Transportation]
- Admissibility of Confessions Recorded by Electronic Means
- Adult Court Transfer
- Advance Refunding Offer
- Agreement for Electronic Presentment
- Angel Funding
- Animal Legal Defense Fund
