electronic funds transfer

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electronic funds transfer

(application, communications)
(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.
References in periodicals archive ?
Andhra Bank has equipped its whole branch network with the IMPS to ensure inter-bank electronic fund transfer service able to process person to account remittances.
The proposed amendments are necessary to maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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.
On Saturday, December 28, 2013, Bank of Abyssinia (BoA) signed a contract with a Moroccan firm, S2M, to install 200 Point of Sale (PoS) machines and Electronic Fund Transfer (EFT) switch machines.
The Federal Reserve Board on September 13, 2004, requested public comment on proposed amendments to Regulation E (Electronic Fund Transfers), which implements the Electronic Fund Transfer Act, and the regulation's official staff commentary.
The commentary is intended to help financial institutions comply with Regulation E when they offer electronic fund transfer services to consumers.
Part 205, its Official Staff Commentary to Regulation E, which implements the Electronic Fund Transfer Act.
Under the amendments to the GLB Act, an ATM operator that imposes a fee on a consumer for an electronic fund transfer (EFT) service is required to provide notice of that fact in a prominent and conspicuous location on or at the ATM where the EFT is initiated.

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