Tiny authorizes United Bank to make transfers from his account to make payments on his debt to Vic's Auto Dealership, which sold Tiny the car that serves as collateral for the debt. After three payments, Vic's repossesses the car and refuses to return it. Tiny phones the bank to stop the payments and follows up with a confirming letter. The bank fails to stop the next two payments, and Vic's refuses to refund anything. Can Tiny get his money from the bank? Explain.
What will be an ideal response?
Yes. Under the Electronic Fund Transfer Act (EFTA), a financial institution is liable for failing to stop payment of a preauthorized transfer from a customer's account when instructed to do so under the account's terms and conditions, which likely require that notice must precede a scheduled payment within a certain period of time. For other electronic transactions, reversal is generally not possible, however, because of the instantaneous nature of the transactions, and the EFTA does not provide for their reversal.
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