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The Electronic Funds Transfers Act (EFTA) and its promulgated Regulation E cover a wide range of transactions made by consumers.  The original Act was passed in 1978 due to the anticipated increase in electronic transactions.  As people went more to ATMs than tellers, Congress saw the need to protect consumers.  As technology created more ways […]

EFTA stands for the Electronic Funds Transfers Act.  It is a law that was first enacted in 1978 to protect consumers engaging in electronic transfers because impersonal banking was on the rise.  Less and less people were going to tellers, and more and more to machines. EFTA is implemented through Regulation E which was first […]

It can be a very confusing moment when you find out you are being denied credit because you made an OFAC List.  You may not even know what that means, and ask, what is an OFAC list?  In short, its a terrorist list or a list of undesirables to the U.S. Government.  It’s a list […]

The Office of Foreign Assets Control is a financial intelligence and enforcement agency of the U.S. Department of the Treasury.   OFAC publishes a list of people and companies that are operating as terrorists, drug traffickers, or under the control of a targeted country.  Essentially, they are enemies of the state, and OFAC does not want […]

About a year ago, I connected with Harry Campbell, The Rideshare Guy.  Harry has spent the last several years helping rideshare and gig drivers navigate some of the perils of the job.  We at SmithMarco have come to represent many drivers of Uber, Lyft, and many other delivery services where a false or inaccurate background […]

It was reported yesterday that many Bank of America customers found out that money was missing from their bank accounts.  It was determined, at least by the bank, that the culprit was a glitch in the Zelle system.  Zelle is a payment application that allows account holders to quickly send money to another person.  However, […]

In the credit reporting world, the idea of what is a re-aged account is often misconstrued.  Under the Fair Credit Reporting Act, negative information cannot be reported for more than 7 years.   Re-aging an account would be something a creditor does so that the account stays on a report for longer than 7 years. When […]

As banks turn to more and more on-line services, scammers are finding more and more ways into the systems.  Reports of bank accounts being hacked into are on the rise.  Consumers have to be more alert than ever to protect themselves.  Here are some things you can do to protect yourself and, most importantly, report […]

EFTA stands for the Electronic Funds Transfers Act.  And true to its name, it is the law that provides for the rights and responsibilities of those making electronic transfers.   What is an electronic funds transfer?  It is transferring funds through any sort of electronic terminal.  That could be by phone, by computer, by magnetic tape […]