Definitions for electronic funds transfer
elec·tron·ic funds trans·fer

WikipediaRate this definition:0.0 / 0 votes

1. Electronic funds transfer

   Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account".EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, in Canada, "e-transfer" is used, while in several other European countries "giro transfer" is the common term.

WikidataRate this definition:3.0 / 1 vote

1. Electronic funds transfer

   Electronic funds transfer is the electronic exchange, 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: ⁕Wire transfer via an international banking network ⁕Cardholder-initiated transactions, using a payment card such as a credit or debit card ⁕Direct deposit payment initiated by the payer ⁕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 ⁕Electronic Benefit Transfer

Editors ContributionRate this definition:0.0 / 0 votes

1. electronic funds transfer

   To use an IT system to transfer money electronically from an account at a bank or other financial organization through a secure telecommunications network to a specific account at a bank or other financial organization.

   Electronic fund transfers take place every moment of every day on planet earth.

   
   

   Submitted by MaryC on April 15, 2020  

How to pronounce electronic funds transfer?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say electronic funds transfer in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of electronic funds transfer in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of electronic funds transfer in Pythagorean Numerology is: 8

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Electronic_Funds_Transfer
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=electronic funds transfer