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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 ?
Per the National Automated Clearinghouse Association (NACHA) Operating Rules, health plans, clearinghouses, or payment-related vendors must receive explicit authorization from the provider prior to use of the ACH EFT debit transaction for recoupment purposes.
Being involved with EFT from the outset meant that DuServe had to begin work on the site on a mostly blank slate.
In a bill-payment system, for example, if the consumer authorizes a financial institution to make monthly payments to a payee by means of EFTs, and the payments take place without further action by the consumer, the payments are preauthorized EFTs.
For IRS guidance on the waiver of penalties for certain EFT deposits, see "Tax Trends" p.
Q How do the Prompt Payment Act provisions apply to the EFT process and how does it relate to EFF payments?
Once again, TEI appreciates the opportunity to participate in the development of the EFT guidelines.
In the publications, it was claimed that NEK has sold excess energy to EFT - a company formed 2 months before receiving the offer of mediation.
As part of the agreement Digital can provide customer and technical service for all EFT mobile PDA phones on a monthly basis.
Under the amendments to the GLB Act, an ATM operator that imposes a fee on a consumer for an electronic fund transfer (EFT) service is required to provide notice of that fact in a prominent and conspicuous location on or at the ATM where the EFT is initiated.
6302-1(h) prescribes rules for implementing an EFT system for the collection of depository taxes.
Through the automated clearinghouse network (ACH), an ODFI transmits an electronic impulse to an RDFI, whereby the RDFI debits or credits the account of the customer that has authorized the EFT to take place and transmits that money electronically through ACH to the ODFI.