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Electronic funds transfer (EFT) is the 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 "BACS Payment", "bank transfer" and "bank payment" are used, in Canada, "e-transfer" is used, while in several other European countries "giro transfer" is the common term.
electronic, funds, transfer, this, article, multiple, issues, please, help, improve, discuss, these, issues, talk, page, learn, when, remove, these, template, messages, this, article, relies, largely, entirely, single, source, relevant, discussion, found, talk. This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article relies largely or entirely on a single source Relevant discussion may be found on the talk page Please help improve this article by introducing citations to additional sources Find sources Electronic funds transfer news newspapers books scholar JSTOR August 2017 This article relies excessively on references to primary sources Please improve this article by adding secondary or tertiary sources Find sources Electronic funds transfer news newspapers books scholar JSTOR November 2018 Learn how and when to remove this template message Learn how and when to remove this template message Electronic funds transfer EFT is the 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 BACS Payment bank transfer and bank payment are used in Canada e transfer is used while in several other European countries giro transfer is the common term Contents 1 Types 2 See also 3 References 4 External linksTypes EditEFTs include but are not limited to 1 Automated teller machine ATM transfers Direct deposit payment or withdrawals of funds initiated by the payer Direct debit payments in which a business debits the consumer s bank accounts for payment for goods or services Electronic bill payment in online banking which may be delivered by EFT or paper check QR code payment is a payment initiated using a QR Code scanned from a mobile app Transfers initiated by telephone Transfers resulting from credit or debit card transactions whether initiated through a payment terminal Wire transfer via an international banking network such as SWIFTSee also EditAutomated Clearing House ACH E commerce payment system Electronic funds transfer at point of sale EFTPOS Immediate Payment Service Interbank network Payment system Real time gross settlement Society for Worldwide Interbank Financial Telecommunication SWIFT Instant paymentReferences Edit a b Electronic Fund Transfer Act PDF www federalreserve gov Federal Reserve Board 1978 Retrieved September 8 2018 External links EditElectronic Funds Transfer Association This economics related article is a stub You can help Wikipedia by expanding it vte This technology related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Electronic funds transfer amp oldid 1171763986, wikipedia, wiki, book, books, library,
