5313 the role of financial institutions and payment processors beyond the consumers bank in ensuring the integrity of consumer authorizations for electronic payments 53131 overview 53132 nacha and regulatory requirements for originating and receiving depository financial institutions processing debits against consumer accounts. Find out how electronic banking works services offered your rights and how to report problems a debit card purchase or payment transfers money quickly from your bank account to the companys account so you have to have sufficient funds in your account to cover your purchase examples include prepaid phone cards mass transit passes. An automated clearing house ach authorization is a payment authorization that gives the lender permission to electronically take money from your bank credit union or prepaid card account when your payment is due you can revoke this authorization. Understanding debit cards file name debit cardspdf file size 019mb languages available debit cards look similar to credit cards but function more like checks because the money to pay for purchases comes out of your checking account if you cannot resolve a debit card problem with the merchant or the bank contact the consumer . When richard cordray and the consumer finance protection bureau cfpb finalized its prepaid card rules in october of 2016 it was a tale of consensus and controversy
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