Protecting Yourself From Unfair Billing and EFT Activities
Written by Dongmiao Cui   


The Fair Credit Billing Act (FCBA) is a federal law as an amendment to the Truth in Lending Act. The law was designed to protect consumers against unfair billing practices and to provide a mechanism for addressing billing errors in “open end” credit accounts such as credit card accounts.

The Electronic Fund Transfer Act (EFTA) preserves the rights and liabilities of consumers in electronic funds transfer activities.

FCBA and EFTA have granted you rights as a consumer to dispute the following mistakes on credit billing and electronic fund transfer account statements:
  1. Charges or electronic fund transfers that you did not authorize. However Federal Law limits your responsibility for unauthorized charges to $50.
     
  2. Charges or electronic fund transfers list the wrong amount or date.
     
  3. Charges or electronic fund transfers that you did not accept or were not delivered as agreed.
     
  4. Computation or similar math errors.
     
  5. Bills of charges or electronic fund transfers that were not sent to your current address, if the creditors have received your written change of address at least 20 days before the end of the billing period.
If you wish to find out more about the Fair Credit Billing Act and the Electronic Fund Transfer Act, please go to the source of this article at the Federal Trade Commission.
Last Updated on Tuesday, 21 December 2010 16:51