Electronic Funds Transfer

Electronic Funds Transfer
  Any method of electronically moving money between the accounts. Often simply known as EFT. See also EFTPOS.

International financial encyclopaedia . 2014.

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  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • electronic funds transfer — ( EFT) An electronically based rather than paper based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary ( EFT) Transfer of funds… …   Financial and business terms

  • electronic funds transfer — electronic funds .transfer n [U and C] EFT when money is moved from one bank account, business etc to another using only computer systems …   Dictionary of contemporary English

  • electronic funds transfer — noun : the transfer of money from one location or account to another by computerized means * * * the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one s own… …   Useful english dictionary

  • Electronic Funds Transfer at Point of Sale — ➔ EFTPOS * * * electronic funds transfer at point of sale UK US noun [U] BANKING, COMMERCE ► EFTPOS(Cf. ↑EFTPOS) …   Financial and business terms

  • Electronic Funds Transfer Act — A federal law that gives consumers the right to correct errors in ATM or bank statements relating to electronic funds transfers (such as ATM use, point of sale purchases, and preauthorized withdrawals from a bank account) and limits a consumer s… …   Law dictionary

  • Electronic Funds Transfer Act — The Electronic Funds Transfer (EFT) Act, also known as Regulation E, was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities… …   Wikipedia

  • electronic funds transfer —    Form of electronic commerce that operates through debit cards that enable the automatic transfer of funds from a user s bank account …   IT glossary of terms, acronyms and abbreviations

  • electronic funds transfer — the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one s own account to deposit in a creditor s. Abbr.: EFT [1970 75] * * * …   Universalium

  • electronic funds transfer — noun a computerised banking system for the transfer of funds from one account to another. Compare EFTPOS. Also, EFT …  

  • electronic funds transfer — system which enables the transfer of sums of money from one account to another by computer …   English contemporary dictionary

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