Bob wants to buy a boat but does not have the money to pay for the boat in full. As a result, Bob signs a promissory note with Float-It Boating Company for purchase of the boat. Bob signs an agreement allowing Float-It to draw payments on his account at Sooner Bank The boat serves as collateral for the promissory note. After 7 of 36 payments, Float-It inexplicably repossesses the boat and maintains possession of it. Sooner Bank is informed of this fact by Bob who issues a stop-payment order on the payments to Float-It. Sooner Bank makes a mistake and allows the next payment to go through. Upon receiving his bank statement, Bob inquires of Sooner Bank. Sooner Bank contacts Float-It who refuses to refund the additional payment. As a result of the overpayment, Bob suffers an overdraft on his account.

Will Bob be able to get the money from the errant payment back from Sooner Bank? Does the Electronic Fund Transfer Act (EFTA) apply to the transfer of money between Sooner Bank and Float-It? Would Sooner Bank be liable for any overdraft created by this payment? Explain.