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What are the risks in using the electronic fund transfer service?

In: Banking, Credit, Flexible Spending Accounts [Edit categories]

Answer:

The main risks associated with electronic funds transfer are:
1. You cannot confirm if the account number you have provided is correct. The bank would process the EFT under the belief that the information you provided is accurate.
2. Once an amount is transferred, the bank cannot and will not reverse a transaction.

First answer by Anandvijayakumar. Last edit by Anandvijayakumar. Contributor trust: 783 [recommend contributor ]. Question popularity: 1 [recommend question].

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