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Electronic Funds Transfer Systems

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Electronic Funds Transfer Systems
A variety of systems and technologies for transferring funds (money) electronically rather than by check. Includes Fedwire, automated clearringhouses (ACHs) and other automated systems.


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There are two main electronic funds transfer systems operating in the United States today.
First, the development of computer and communications technology means that electronic funds transfer systems can move billions of dollars around the globe in seconds.
The FTC also enforces the Electronic Funds Transfer Act, which establishes the rights, liabilities and responsibilities of participants in electronic funds transfer systems.
 
 
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