Electronic funds transfer


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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 ?
Agents who have used electronic funds transfer have become advocates.
Billing stuffers and other marketing promotion tools have prompted policyholders to enroll in electronic funds transfer, and customer service representative incentive and training programs have proven effective as well.
Fiserv EFT currently processes approximately 5 billion ATM and debit transactions annually and operates more than 17,000 ATMs, making it one of the largest electronic funds transfer (EFT) processors in the nation.
Fiserv EFT currently processes approximately 410 million ATM and debit transactions per month, making it one of the largest electronic funds transfer (EFT) processors in the nation.
Eracom is a global leader providing cryptographic and transaction security solutions that protect credit cards, Electronic Funds Transfer (EFT) and ATM transactions for financial institutions, governments and telecommunications providers.
The EBT Industry Council is a professional association affiliated with the Electronic Funds Transfer Association.
The Electronic Funds Transfer Association is a 28-year-old professional association of organizations dedicated to the advancement of electronic payment systems and commerce.
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.

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