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Electronic funds transfer
(redirected from Electronic fund transfer)

   Also found in: Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
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 (EFT)
The transfer of funds, as from one account to another or from buyer to seller, by telephone or computer. The use of EFT results in the instantaneous movement of money. The additional time that the funds are available to earn income can more than offset the fees charged by institutions for this service. Also called wire transfer.

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.



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? Mentioned in ? References in periodicals archive
 
electronic benefit cards, electronic gift cards, ACH networks, point-of-sale systems, debit cards, credit cards, ATMs, paper checks, cash and electronic fund transfers as well as such related issues as privacy demands and
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
Content also includes coverage of established systems such as point-of-sale systems, debit cards, credit cards, ATMs, corporate, consumer and bank paper checks, cash, and electronic fund transfers.
 
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