Michigan Laws 488.20 – Options to promote security of electronic fund transfers
Current as of: 2023 | Check for updates
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In order to promote the security of electronic fund transfers, financial institutions shall make available to customers:
(a) Options to limit the total amount of cash which can be withdrawn through the use of an electronic funds transfer terminal, from a customer’s account in any single day. The options shall include, but need not be restricted to, a limit of $50.00.
Terms Used In Michigan Laws 488.20
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
(b) An option to limit access through an electronic funds transfer terminal to 1 or more specified accounts.