Unauthorized Electronic Funds Transfers Sample Clauses

Unauthorized Electronic Funds Transfers is an EFT from a consumer or customer account initiated by a person other than the consumer with no authority to initiate the transfer and from which the consumer receives no benefit. This does not include an EFT initiated in any of the following ways: i. by a person who obtained the device to access the Account by the consumer, unless the consumer has notified the financial institution that transfers by that person are no longer authorized. ii. with the fraudulent intention of the consumer or of any person acting in concert with the consumer; or, iii. by the financial institution or its employee.