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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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.
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).
The Electronic Funds Transfer Association (EFTA) is a non-profit trade association dedicated to the advancement of electronic payments and electronic commerce.
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.
For the standard or preferred product, an effective tool is electronic funds transfer. Typically, electronic funds transfer will debit an account the same amount monthly on the same date.
Studies prove that they are aggressively reaping the advantages of e-business applications, including electronic data interchange (EDI), electronic funds transfer (EFT), customized Intranets and other Internet-based tools that are simplifying processes and allowing for better sharing and dissemination of the critical information that managers need to add value to the enterprise.
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.
The company also is now sending invoices electronically and hopes to receive payment through electronic funds transfer within the next couple of years.
Recommendations Concerning Electronic Funds Transfer Procedures February 28, 1990
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.
This will allow all the banks to transfer funds electronically through a real time gross settlement system (RTGS) and national electronic funds transfer (NEFT).

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