Consumer Handbook to credit protection

A financial institution may send you a card you did not request uest only if the card is NOT VALID FOR USE. An "unsolicited" card can be validated only at your request and only after the institution makes sure that you are the person whose name is on the card. It must also be sent with instructions on how to dispose of an unwanted card. Do I Have to Use EFT?

The EFT Act forbids a creditor from requiring you to repay a pay a loan or other credit by EFT, except in the case of overdraft checking plans. And, although your employer or a government agency can require you to receive your salary or a government benefit by electronic transfer, you have the right to choose the financial institution that will receive your funds. Special Questions About Preauthorized Plans

Q. How will I know a preauthorized credit has been made? made? A. There are various ways you may be notified. Notice may be y be given by your employer (or whoever is sending the funds) that the deposit has been sent to your financial institution. Otherwise, a financial institution may provide notice when it has received the credit or will send you a notice only when it has not received the funds. Financial institutions also have the option of giving you a telephone number you can call to check on a preauthorized credit. Q. How do I stop a preauthorized payment? ent? A. You may stop any preauthorized payment by calling or writing ting the financial institution, so that your order is received at leas three business days before the payment date. Written confirmation of a telephone notice to stop payment may be required.

Q. If the payments I preauthorize vary in amount from month to h to month, how will I know how much will be transferred out of my account? A. You have the right to be notified of all varying payments at s at least 10 days in advance. Or, you may choose to specify a range of amounts and to be told told only when a transfer falls outside that range. You may also choos to be told only when a transfer differs by a certain amount from the previous payment to the same company.