(Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH.
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Electronic funds transfer
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Electronic funds transfer |
Barron's Banking Dictionary:
Electronic Funds Transfer (EFT) |
Transfer of funds between accounts by electronic means rather than conventional paper-based payment methods, such as Check writing. As defined by the Electronic Fund Transfer Act of 1978, an electronic funds transfer is any financial transaction originating from a telephone, electronic terminal, computer, or magnetic tape.
There are two categories of EFT systems:
1. Large dollar Wire Transfer systems such as Fed Wire, the Federal Reserve communication system linking Federal Reserve Banks, member banks, and the Treasury; and the Clearing House Interbank Payment System (CHIPS), a private wire network that handles most of the U.S. Dollar volume in foreign trade.
2. Consumer electronic payment systems, including Automated Teller Machine networks, retail merchant Point-Of-Sale (POS) debit card systems, and telephone bill payment systems. See also Electronic Data Interchange; Internet Banking.
Wikipedia on Answers.com:
Electronic funds transfer |
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Electronic funds transfer
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Electronic funds transfer (EFT) is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
The term covers a number of different concepts:
- Cardholder-initiated transactions, where a cardholder makes use of a payment card
- Direct deposit payroll payments for a business to its employees, possibly via a payroll service bureau
- Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services
- Electronic bill payment in online banking, which may be delivered by EFT or paper check
- Transactions involving stored value of electronic money, possibly in a private currency
- Wire transfer via an international banking network (carries a higher fee in North America)
- Electronic Benefit Transfer
In 1978 the U.S. Congress passed the Electronic Funds Transfer Act to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities in the United States.
See also
- Debit card
- Wire transfer
- Automated Clearing House
- Hardware security module
- E-commerce payment system
- Electronic money
- Electronic funds transfer at point of sale
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Translations:
Eft |
Dansk (Danish)
abbr. - elektronisk pengeoverførsel
Français (French)
abbr. - (abrév = electronic funds transfer) transfert électronique de fonds
Deutsch (German)
abbr. - bargeldloser Zahlungsverkehr
Ελληνική (Greek)
abbr. - ηλεκτρονική μεταφορά κεφαλαίων
Español (Spanish)
abbr. - transferencia de fondos por medio de las telecomunicaciones
Svenska (Swedish)
abbr. - electronic funds transfer, (elektronisk överföring av pengar)
中文（简体）(Chinese (Simplified))
电子资金转帐, 电子汇款
中文（繁體）(Chinese (Traditional))
abbr. - 電子資金轉帳, 電子匯款
한국어 (Korean)
abbr. - electronic funds transfer (전산기에 의한 자금 이송 결제)
עברית (Hebrew)
abbr. - תנועת כספים (מחשבון לחשבון) באמצעות תקשורת אלקטרונית
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Related topics:
 | EFTS (abbreviation) |
| Key (in banking) |
| Message Authentication Code (MAC) (in banking) |
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Copyrights:
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 | TechEncyclopedia. THIS DEFINITION IS FOR PERSONAL USE ONLY. All other reproduction is strictly prohibited without permission from the publisher. © 1981-2012 The Computer Language Company Inc. All rights reserved. Read more |
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| Barron's Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Wikipedia on Answers.com. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article Electronic funds transfer. Read more |
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| Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
- What is an electronic fund transfer?
- What is Electronic Fund Transfer?
- Electronic funds transfer act of 1979?
- What is the history of electronic funds transfer?
- What are the components of electronic fund transfer?
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Mentioned in
- EFTS (abbreviation)
- Key (in banking)
- Message Authentication Code (MAC) (in banking)
- Finality of Payment (in banking)
- Paperless Entry (in banking)
- Corporate Trade Payment (CTP) (in banking)
- Customer Initiated Entry (CIE) (in banking)
- On-Us Item (in banking)
- Bank Wire (finance term)
- Electronic Data Interchange (EDI) (in accounting)
- Billing Error (in banking)
- Checkless Society (in banking)
- Descriptive Statement (in banking)
- Letter of Advice (in banking)
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