Electronic Funds Transfer System

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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
References in periodicals archive ?
Frauds involving electronic transfers of funds from the accounts of small and midsize companies that bank online exploded last year.
By adopting e-mail and electronic transfers of funds instead of relying solely on traditional methods of communication with the borrower (such as "snail mail"), servicers can realize significant savings.
Construction agencies would benefit from a centralized payment procedure instead of being forced to go through seven different agencies, each with a different payment plan, Schwartz said, adding that the creation of the agency also could lead to such innovations as electronic transfers of funds and a two-week payment schedule for contractors.
When electronic transfers of funds and electronic remittance data are combined to make payments, the transactions are called financial electronic data interchange (financial EDI).

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