Electronic funds transfer

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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 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.

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.

References in periodicals archive ?
2-Definitions, under 2(m) Unauthorized Electronic Fund Transfer, a new paragraph 5.
3-Coverage, under 3(b) Electronic Fund Transfer, new paragraphs 1.
16(a)(1), when the consumer initiates an electronic fund transfer or makes a balance inquiry, and by any network used to complete the transaction.
Automated teller machine operator means any person that operates an automated teller machine at which a consumer initiates an electronic fund transfer or a balance inquiry and that does not hold the account to or from which the transfer is made, or about which an inquiry is made.
An automated teller machine operator that imposes a fee on a consumer for initiating an electronic fund transfer or a balance inquiry shall:
ii) The applicable time is 90 days in place of 45 days under paragraph (c)(2) of this section, for completing an investigation, if a notice of error involves an electronic fund transfer that:
The companies will direct their initial marketing focus toward credit card authorization, automated teller machines (ATM), and other electronic fund transfer (EFT) applications.
The Electronic Fund Transfers Act (EFTA) sets forth the existing disclosure requirements governing electronic fund transfers (EFTs), and provides a basic framework for establishing the rights, liabilities, and responsibilities of participants in EFT systems.
Now MYOB is providing small businesses with the ability to conduct Electronic Fund Transfers with confidence using the powerful eBusiness Gateway.
In the late 1970s, he was the deputy general counsel to the National Commission on Electronic Fund Transfers.
The second patent titled, "A Method and System for Providing Electronic Commerce Between Incompatible Data Processing Systems" provides for an automated system for the electronic exchange of electronic fund transfers and electronic data interchange type transactions between various business trading partners.

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