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electronic funds transfer
(redirected from Electronic fund transfer)

   Also found in: Financial, Wikipedia 0.01 sec.
(application, communications)electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the World-Wide Web. The term also applies to credit card and automated bill payments.

Glossary.


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electronic benefit cards, electronic gift cards, ACH networks, point-of-sale systems, debit cards, credit cards, ATMs, paper checks, cash and electronic fund transfers as well as such related issues as privacy demands and anti-money laundering.
The Federal Reserve Board published on August 19, 2005, proposed amendments to Regulation E (Electronic Fund Transfers), which implements the Electronic Fund Transfer Act, and to the regulation's official staff commentary that clarify the disclosure obligations of automated teller machine (ATM) operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM.
Content also includes coverage of established systems such as point-of-sale systems, debit cards, credit cards, ATMs, corporate, consumer and bank paper checks, cash, and electronic fund transfers.
 
 
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