Electronic funds transfer

Also found in: Dictionary, Thesaurus, Medical, Acronyms, Encyclopedia, Wikipedia.
Related to Electronic funds transfer: Electronic Data Interchange

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 ?
Also, electronic funds transfer offers several distinct benefits to an agency's clients, helping to solidify the customer relationship.
Vigo is one of the largest electronic funds transfer companies in the United States and provides affordable and efficient payment services with more than 4,000 agents in 45 states in the U.
Fiserv EFT currently processes approximately 435 million ATM and debit transactions per month, making it one of the largest electronic funds transfer processors in the nation.
The Electronic Funds Transfer Association and its EBT Industry Council today issued the following statement on the decision of NACHA--the Electronic Payments Association, to terminate its Electronic Benefits and Services Council.
Alaska Option Network is a full-service electronic funds transfer (EFT) network offering automated teller machine (ATM) and point-of-sale (POS) transaction switching and settlement services to financial institutions in Alaska, Hawaii and the Pacific Northwest.
Fiserv EFT, a provider of electronic funds transfer services and a unit of Fiserv, Inc.
With the addition of Eracom Technologies' products, we strengthen our business in the financial services industry by opening opportunities in the Electronic Funds Transfer (EFT), credit card and ATM markets, new segments of our already established financial services offering.
Electronic Funds Transfer (EFT) solutions and outsourced services of FSS power the majority of ATMs and Point-of-Sale (POS) terminals in India, controlling most of the Electronic Funds Transfers in the country.
Some 200 government and industry leaders will gather next week in Reno, NV for the Electronic Funds Transfer Association's annual payments conference.
EBT--the Next Generation," hosted by the Electronic Funds Transfer Association's EBT Industry Council, will feature six sessions focused on disaster planning and recovery.

Full browser ?