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 ?
Our decision to participate in Euronet's ADT Network is driven by the need to extend automated deposit functionality beyond bank branches and enable customers to deposit and access their funds faster and easier than ever before," stated Mr.
Banks and credit unions have received positive data and feedback from consumers on automated deposit, so it is natural for NCR to continue to invest in innovation that improves the technology.
According to RBR, shipments of automated deposit terminals will expand faster than traditional ATM shipments.
According to research conducted by Retail Banking Research, China may offer the world's largest market for automated deposit terminals.
With Wincor Nixdorf's CCDM and multi-vendor software, financial institutions can turn ATM fleets into automated deposit stations -- delivering faster customer service and lowering branch operating costs.
The CCDM can turn an ATM fleet into automated deposit stations -- delivering faster customer service and lowering branch operating costs.
Countries such as United Arab Emirates, Kuwait, Saudi Arabia and Egypt are leading the world in the adoption of automated deposit technology for the ATM, with more than 600 of the latest NCR Corporation (NYSE:NCR) Intelligent Deposit units up and running in the region.
The contract represents an annual turnover of some MSEK 8 and covers physical security solutions including automated deposit and withdrawal units, service boxes, safety deposit boxes, bank vaults and vault doors.
This programme has generated much interest due to its simple registration process, with the automated deposits ensuring that the individual's journey to a sustainable financial future is on track automatically unless he/she takes action to actually stop saving.
3 automated deposits and nearly 4 automated payments associated with their accounts,” said Jim Minge, President of Texas Trust Credit Union.
3 automated deposits and nearly four automated payments, according to the credit union.
Recently a new dispensing machine has become available specifically for water-based flux; this allows precise and automated deposits up to 3,600 per hour.

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