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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.


References in periodicals archive ?
Being involved with EFT from the outset meant that DuServe had to begin work on the site on a mostly blank slate.
For IRS guidance on the waiver of penalties for certain EFT deposits, see "Tax Trends" p.
EFT stated that it is a leading company for trading with energy reserves in Central and Southeastern Europe.
We are pleased to partner with InterceptEFT," said Randy Waxman, COO of EFT Canada.
95-68 provided that, absent reasonable cause, a taxpayer required to deposit Federal taxes by EFT was subject to the 10% failure-to-deposit penalty if the taxpayer deposited the taxes by means other than EFT.
There are essentially three primary EFT methods that have been developed.
NEK is reported to have selected EFT AG as an intermediary in the export of electricity without the proper tender.
22 /PRNewswire/ -- In anticipation of the arrival of Hurricane Rita, Houston-based PULSE EFT Association Inc.
NYCE operates an electronic funds transfer ("EFT") network under the NYCE service name, and Magic Line operates the Magic Line EFT network.
Although die IRS regulations requiring EFT were originally written in 1994 and effective in 1995 most taxpayers were unaffected due to the high tax deposit amount thresholds.