Electronic funds transfer

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Electronic funds transfer (EFT) are 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. [1]

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, while in several other European countries "giro transfer" is the common term.

Types[edit]

EFTs include, but are not limited to: [1]

See also[edit]

References[edit]

  1. ^ a b "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.

External links[edit]