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Electronic funds transfer |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.32 sec. |
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Electronic funds transfer (EFT) Transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearninghouse services are EFT systems.
Electronic funds transfer. Electronic funds transfer (EFT) is the means by which financial institutions exchange billions of dollars every day without the physical movement of any paper money. Money moves electronically from one bank account to another, usually within 24 hours of a scheduled payment. The system covers all electronic credit and debit money transfers, including direct deposits -- which occur when you authorize your employer or other payer to automatically deposit payroll into your bank account -- debit card and ATM transactions, online bill payment, wire transfers, and debit transfers as well as automatic deductions from your accounts to make regular payments. According to the US Department of the Treasury, it costs the federal government only 9 cents to issue an EFT payment as opposed to 86 cents to make a traditional check payment. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The Federal Reserve Board published on August 19, 2005, proposed amendments to Regulation E (Electronic Fund Transfers), which implements the Electronic Fund Transfer Act, and to the regulation's official staff commentary that clarify the disclosure obligations of automated teller machine (ATM) operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM. computer crime, copyright, e-governance, electronic fund transfer, privacy, insurance, IP rights, international law, national security, national information infrastructure, patents, technology policy, and telecommunications law and policy. WebSentry e-commerce solution provides the necessary infrastructure to accommodate the widest range of throughput requirements of merchants, acquirer banks and electronic fund transfer (EFT) network processors in SSL or SET enviromnents. |
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