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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
The cost of using ACM's EFT payment system is very affordable, especially when measured against the cost of either credit card transactions or wire transfers.
* The installation of EFT systems will not dramatically cut check handling costs.
If the consumer contacts the financial institution to ascertain whether a payment (for example, in a home-banking or bill-payment program) or any other type of EFT was debited to the account, or whether a deposit made via ATM, preauthorized transfer, or any other type of EFT was credited to the account, without asserting an error, the error resolution procedures do not apply.
The rule applies to government agencies requirements and responsibilities equivalent to those that apply to private-sector EFT services.
These regulations highlight the originator, PSO operator or PSP and beneficiary responsibilities, Preauthorised Transfers, Compensation Policy for unauthorised and delayed EFT.
Ewing's family of tumours (EFT) are malignant neoplasms affecting children and young adults, mostly arising in the long bones or pelvis.
Caption: Figure 2: Regression of the total number of red dorsal spots and the predicted whole body TTX (mg) of Eastern newt (Notophthalmus viridescens) efts. Efts with more red dorsal spots possess greater concentrations of TTX in the skin (F = 17.5, [R.sup.2] = 0.57, P = 0.001).
VIVA CEO, Ulaiyan Al Wetaid, said, "VIVA and BENEFIT are two industry-leading companies, and with the new EFTS agreement, VIVA will expand its extensive mobile payment channels to offer the convenience and real-time access with more online banks.
Batelco integrate into the EFTS system via "Fawateer" service to enable their customers to view and pay their Batelco bills in a much more efficient, faster and enhanced manner.
Benefit chief executive Abdulwahid Janahi said the EFTS is a comprehensive electronic system using a private and secure network to connect all retail banks and major billers from the government and private sector.
Payments to service members for Personally Procured Moves (PPMs), formerly known as "Do-it-Yourself" or DITY moves, 2 will be received sooner via Electronic Funds Transfer (EFT) to service members' checking or savings accounts, officials announced Jan.
GENCAPa[euro](tm)s management talent, intellectual property and operational infrastructure will combine to deliver substantial time and cost savings while bringing EFTs to the market, Tull said.Country: USASector: Banking/Financial ServicesTarget: Factor Advisors LLCBuyer: GENCAP Ventures LLCType: Corporate acquisitionStatus: Closed