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.

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References in periodicals archive ?
Some of the competitors identified in the Global (United States, European Union and China) Electronic Funds Transfer Point of Sale (EFTPOS) Terminals Market study include Atos Worldline, Equinox Payments LLC, First Data Corporation, Fujitsu Limited, VeriFone (Formerly Hypercom), Ingenico, Dejavoo, Exadigm, XAC Automation Corp., Panasonic, PAX, Smartpay, NCR, Olivetti & VeriFone Systems.
Electronic Funds Transfer Point of Sale Terminals Market is Thriving Worldwide / Atos Worldline, Equinox Payments, First Data
We will revise the instructions to Form 8302 to include information on the importance of complete account numbers and bank information to facilitate electronic funds transfer (EFT).
IRS forms, schedules, and instructions - TEI comments and IRS response
The Electronic Funds Transfer Association (EFTA) is a non-profit trade association dedicated to the advancement of electronic payments and electronic commerce.
EFTA Marks 40th Anniversary Milestone
Major electronic funds transfer networks, credit card associations, ACH operators, electronic benefits transfer contractors, and private label credit card issuers, eighty-nine in all, shared data on their 2000 volume and value of electronic payment transactions.
Results of study on retail payment systems. (Announcements)
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95-68 provides that, absent reasonable cause, a taxpayer required to deposit Federal taxes by electronic funds transfer is subject to the 10% failure to deposit penalty if the taxpayer deposits the taxes by means other than electronic funds transfer.) However, deposits must still be made on time even when paper coupons are used, in order to avoid a late deposit penalty.
Taxpayer Relief Act of 1997 affords businesses more time to switch to EFTPS (Electronic Federal Tax Payment System)
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Recommendations Concerning Electronic Funds Transfer Procedures February 28, 1990
Recommendations concerning electronic funds transfer procedures
The strategic collaboration places Batelco as a backbone partner facilitating the network infrastructure and business continuity and disaster recovery site for BENEFITs major services such as Bahrain cheque truncation system (BCTS), the National ATM and POS switch and recently the Electronic Funds Transfer System (EFTS).
Bahrain : Batelco Signs Strategic Collaboration with BENEFIT
30 December 2013 - By four-to-one margin organisations in the electronic payments industry believe that the US payment system should begin migrating to "real-time" settlement of transactions according to a survey conducted by US-based industry group The Electronic Funds Transfer Association.
Electronic funds transfer industry favours real-time settlement
This will allow all the banks to transfer funds electronically through a real time gross settlement system (RTGS) and national electronic funds transfer (NEFT).
-India's cooperative banks, RRBs to participate in centralised payment systems

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