What is one characteristic of the Electronic Funds Transfer Act?

One key characteristic of the Electronic Funds Transfer Act (EFTA) is its focus on consumer protection guidelines specifically for electronic transfers. This legislation was enacted to promote the safe and secure use of electronic payments and to ensure that consumers have necessary rights and protections when engaging in electronic transactions. These protections include error resolution procedures, liability limits for unauthorized transactions, and requirements for clear disclosures of terms and conditions associated with electronic fund transfers.

This consumer-centric approach helps build trust in electronic payment systems and encourages their use, making it a fundamental aspect of the EFTA's purpose and scope. The other options pertain to areas outside the primary focus of the EFTA, which is primarily designed to address electronic rather than conventional financial transactions.