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ACH/EFT payments are designed to be convenient for consumers, but are they safe? By design, ACH/EFT Payments are safer than paper checks in many regards. Paper checks pass through many hands as they are processed, while few people see ACH/EFT transactions. This greatly reduces the risk of theft or fraud. Additionally, there are rules and regulations in place to protect you against unauthorized transactions, similar to the protection you enjoy when using a credit card. The Federal Reserve Bank's Regulation E, which governs electronic funds transfers, provides consumers with specific rights and protections when utilizing electronic payments. In addition, merchants who offer ACH/EFT payment must follow the ACH rules which are established by NACHA, the Electronic Payments Association. Problems with ACH/EFT payments are rare. If you have a question or concern about an ACH/EFT payment, contact your biller. Most problems can be corrected immediately. If the matter is not handled to your satisfaction, call your financial institution and stop payment on future ACH/EFT Payments until the problem can be corrected. If you find that there has been an unauthorized or fraudulent transaction against your account, contact your financial institution immediately. They will assist you in correcting the problem. Typically you will sign an affidavit, and the unauthorized transaction will be immediately reversed. The electronic payments industry and its regulatory agencies works diligently to ensure that consumers are fully protected when using ACH/EFT Payment. New programs are evaluated through pilot or 'test' programs before they are made available for general use. Consumers are surveyed to gain insight into their thoughts and concerns. These safeguards allow you to enjoy a highly convenient, safe payment option.
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Consumer Safety