Electronic funds transfer

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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.

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 ?
Abdulwahed Al-Janahi stressed BENEFIT's pride in Bahrain Clear's joining the Electronic Fund Transfer System, noting that the company is looking forward to enhancing its relations with BHB through deployment of more electronic payment systems.
InstaPay is an electronic fund transfer service that allows customers to transfer peso funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines.
The Federal Reserve Board on September 13, 2004, requested public comment on proposed amendments to Regulation E (Electronic Fund Transfers), which implements the Electronic Fund Transfer Act, and the regulation's official staff commentary.
With the PESONet or Philippine Electronic Fund Transfer System and Operations Network, government, businesses, and individuals can initiate electronic fund transfers and recurring payments from accounts maintained in BSP-supervised financial institutions to corresponding accounts in other BSFIs.
Editorial covers such topics as child support enforcement, deposits of withheld tax, electronic fund transfer, garnishment, unemployment insurance, and deductions.
8 allowing batch electronic fund transfer under the National Retail Payment System (NRPS) called Philippine EFT System and Operations Network (PESONet).
The commentary is intended to help financial institutions comply with Regulation E when they offer electronic fund transfer services to consumers.

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