A generic term describing any transfer of funds between parties or depository institutions through electronic data systems.
This is any process of electronically transferring funds to or from an account; EFT does not involve the exchanging of hard currency. A federal law to allow the transfer of funds electronically was passed in the United States in 1978. Common forms of EFT are Automated Clearing House (ACH) and Wire transactions. EFT is the principal method for transferring HCTC payments to Health Plan Administrators (HPAs).
Any transfer of funds effected by a proprietor's financial institution, either directly or through a correspondent banking relationship, via the Federal Reserve Communications System (FRCS) or Fedwire, to the Treasury Account at the Federal Reserve Bank.
The act of debiting or crediting accounts in financial institutions by wire rather than source documents, such as, paper checks. Processing typically occurs through the Federal Reserve Bank clearing houses.
EFT is the standard method for making Federal payments. EFT includes any method used to transfer funds electronically, including Fedwire, Automated Clearing House (ACH) transfers, Intra-Governmental Payment and Collection (IPAC) system, etc.
The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.)
Electronic Funds Transfer has been defined 16 different ways in documents like FFIEC IT Examination InfoBase, Glossary, IRS e-file Glossary, Credit Card Glossary, and 7 more.