Electronic Funds Transfer System

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Electronic Funds Transfer System

Any computerized system that facilitates a transaction in which money, securities, or some other good changes hands. Examples of electronic funds transfer include receiving cash out of an ATM and placing an order to buy a stock over the telephone.
References in periodicals archive ?
Cyprus will prohibit electronic transfers of funds out of Cyprus to other countries, and individuals will only be able to take 3,000 euros out of Cyprus - 7,000 euros below the pre-crisis ceiling.
Frauds involving electronic transfers of funds from the accounts of small and midsize companies that bank online exploded last year.
By adopting e-mail and electronic transfers of funds instead of relying solely on traditional methods of communication with the borrower (such as "snail mail"), servicers can realize significant savings.

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