Electronic funds transfer

(redirected from automated deposit)
Also found in: Medical, Encyclopedia.

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 ?
With the rapid adoption of automated deposit, what additional features are coming for these devices?
NCR demonstrated to us clear leadership in ATM innovation, especially automated deposit.
Our decision to participate in Euronet's ADT Network is driven by the need to extend automated deposit functionality beyond bank branches and enable customers to deposit and access their funds faster and easier than ever before," stated Mr.
Best Financial Services Kiosk Application Winner: Fidelity Automated Deposit Machine Runner-Up: Cricket (Kiosk Information Systems with Info Touch Technologies) 4.
financial institutions are gravitating toward SDM, which simplifies the automated deposit (or "no-envelope deposit") process by helping consumers complete the deposit portion of a transaction in half the time of other ATMs.
The United State Postal Service (KIS) * US Visit (KIS) Best Kiosk Application in Financial Services * Cricket (Circle K/KIS) * Fidelity Automated Deposit Machine * Fidelity Kiosks Best Kiosk Application for Travel, Hospitality or Entertainment * The North Carolina Tourism Kiosk (Technology Portals, Inc.
NCR Corporation leads the world in automated deposit ATM installationsoutside of Japan and South Korea, according to research from London-based Retail Banking Research (RBR).
ReconNET allows organizations with multiple depositing locations -- either with or without electronic cash registers -- to integrate an automated deposit verification and exception resolution solution into their operations," said Tony Reed, chief operating officer of Globeset.
NES Financial's EB-5 Administration Solution brings Regional Centers an approach that provides for rapid system implementation of easy, automated deposit administration solutions.
The NES Financial EB-5 Administration Solution brings Regional Centers a unique approach providing rapid system implementation of easy, automated deposit administration solutions.
Sheshunoff Consulting + Solutions conceptualized InstantAdvance as a conservative, best practice tool to enable financial institutions to meet their customers' emergency cash needs through automated deposit advance services.
Expanded Investment functionality: flexibility with multiple investment options and models, as well as automated deposit to investment sweeps.

Full browser ?