CFPB EFT FAQ Coverage Transactions 3 – Is a P2P payment that uses the consumer’s debit card to transfer funds considered an EFT?

Compliance > Regulation E - EFTA
Q:  Is a P2P payment that uses the consumer’s debit card to transfer funds considered an EFT?
 
A:   Yes. As discussed in Electronic Fund Transfers Coverage: Transactions Question 1, Regulation E applies to an EFT that authorizes a financial institution to debit or credit a consumer's account. 12 CFR 1005.3(a). The term EFT includes debit card transactions. 12 CFR 1005.3(b)(1)(v).
 
 
This Q&A was contained in the CFPB’s Electronic Fund Transfers FAQs that were updated in December 2021 (which may be updated from time to time).  This may be found on the CFPB’s website here:  https://www.consumerfinance.gov/compliance/compliance-resources/deposit-accounts-resources/electronic-fund-transfers/electronic-fund-transfers-faqs/
 

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