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 ?
When BoA floated the procurement tender, eight firms were keen to supply the Electronic Fund Transfer, and seven bidders for the supply of the point of sale terminals.
The regulation provides that an ATM operator that charges a fee for initiating an electronic fund transfer or balance inquiry must post notices at ATMs that a fee will be imposed.
Currently, almost all retailers and commercial establishments in these regions, which is the largest market for point-of-sale (POS) terminals, are capable of electronic fund transfer (EFT).
Among the proposed changes, persons, such as merchants and other payees, that use information from a check to initiate an electronic fund transfer from a consumer's account, would be required to provide notice to the consumer for each electronic fund transfer and obtain the consumer's authorization for the transaction.
2-Definitions, a new heading 2(k) Preauthorized Electronic Fund Transfer, and a new paragraph 1.
The company's Preauthorized Payment program incorporates all of the benefits of Electronic Fund Transfer technology into one complete, full-service package.
Part 205, its Regulation E, implementing the Electronic Fund Transfer Act.
The GLBA amends the Electronic Fund Transfer Act by requiring ATM operators that impose fees on consumers who hold accounts at other institutions to post a prominent and conspicuous notice of that fact on or near the ATM.
i) The applicable time is 20 business days in place of ten business days under paragraphs (c)(1) and (c)(2) of this section if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made.

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