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What is an EFT (Electronic Funds Transfer)?

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions initiated through electronic-based systems. The terms includes, but is not limited to:

  • Point-of-sale transfers
  • Automated Teller Machines (ATM)
  • Direct deposits or withdrawal of funds
  • Transfers initiated by telephone
  • Transfers resulting from debit card transactions
  • Transfers initiated through internet banking/bill pay

Is Your Account Protected?

Any fraudulent or unauthorized EFT is protected. Further information on Regulation E and how it applies to your account at First National Bank is available here. If you believe an unauthorized EFT has been made on your account, contact us IMMEDIATELY. If you notify us within two (2) business days after you learn of the unauthorized transaction, the most you can lose is $50. Failure to notify First National Bank within two (2) business days may result in additional losses.

No Liability Limit

Unlimited loss to a consumer account can occur if:

  • The periodic statement reflects an unauthorized transfer of money from your account, and you fail to report the unauthorized transfer to the Bank within 60 days after we mailed your first statement in which the problem or error appeared.


Exclusions From Protection

The term EFT does not include:

  • Checks
  • Wire or other similar transfers
  • Securities and Commodities transfers
  • Automatic transfers by account-holding institution
  • Telephone initiated transfers


FDIC – Electronic Funds Transfers (Regulation E)

The term “electronic funds transfer” (EFT) generally refers to a transaction initiated through and electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or debit a consumer’s asset account.

The Electronic Funds Transfer Act was implemented by the Boards of Governors of the Federal Reserve Board’s Regulation E, issued by and subsequently transferred to the Bureau of Consumer Financial Protection (CFPB), establish the basic rights, liabilities and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services. Together, they are designed to protect consumers making electronic fund transfers. For more information, please click here.


Business/Commercial customers are not covered by Regulation E.

As a result, it is critical that business/commercial customers implement sound security practices within their places of business to reduce the risk of fraud and unauthorized transactions from occurring. Good practices can keep business/commercial customer’s information secure. You can help to protect your company by implementing the following:

  • Use layered security measures (firewalls and anti-malware software and encryption)
  • Manage the security of online banking with a single, dedicated computer used exclusively for online banking. This computer should be on a separate network and should not retrieve and email messages
  • Block unnecessary or high-risk websites
  • Establish separate user accounts for employees accessing financial information and limit administrative rights. Use separate credentials for administrative rights and daily accounts
  • Review or reconcile accounts online daily. The sooners fraud is detected, the better.
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NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NON-INTEREST-BEARING TRANSACTION ACCOUNTS: By operation of federal law, beginning January 1, 2013 funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information, visit