EFT stands for electronic funds transfer. It is the process of removing money from your account using the Internet and banking systems. If you want to protect your account from all EFT withdrawals, banks will accommodate most requests for account security. Start the process of protecting your account as soon as you know you need the protection. Hesitating may mean an EFT will take place before your safeguards are in place.
Step 1
Avoid signing any authorizations for EFT withdrawals. Legitimate EFT withdrawals require your authorization. Do not give verbal consent over the phone for an EFT withdrawal.
Step 2
Contact your bank and ask a representative to cancel any pending EFT transactions. There may be a fee for canceling the transfers.
Step 3
Ask a representative at your bank to create a rule disallowing EFT transactions on your account.
Step 4
Request the deletion of your ATM card from your bank account. Destroy the card.
Step 5
Cancel any pending automatic withdrawal transactions. Cancel automatic monthly payments. Ask your banker to disallow any automatic withdrawal transactions.