Electronic Funds Transfer
16 definitions

Electronic Funds Transfer

A generic term describing any transfer of funds between parties or depository institutions through electronic data systems.

Electronic Funds Transfer

The process through which Department of the Treasury transmits Direct Deposit refunds from the government to the taxpayer's account at a financial institution.

Electronic Funds Transfer

Any transfer of funds initiated by electronic means from an electronic terminal, telephone, computer, ATM or magnetic tape.

Electronic Funds Transfer

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).

Electronic Funds Transfer

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.

Electronic Funds Transfer

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.

Electronic Funds Transfer

Electronic Funds Transfer is a process by which money is transmitted electronically from one bank to another.

Electronic Funds Transfer

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.

Electronic Funds Transfer

Electronic movement of funds from 1 bank account to another.

Electronic Funds Transfer

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.)

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About this term

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.

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