Electronic funds transfer: Difference between revisions
Content deleted Content added
m Reverted edits by 50shadesofaids (talk): editing tests (HG) (3.4.10) |
No edit summary Tags: Mobile edit Mobile web edit |
||
| (17 intermediate revisions by 16 users not shown) | |||
| Line 1: | Line 1: | ||
{{short description|Electronic transfer of money from one bank account to another}} |
{{short description|Electronic transfer of money from one bank account to another}} |
||
{{distinguish|Electronic benefit transfer}} |
|||
{{Multiple issues| |
|||
{{One source|date=August 2017}} |
{{One source|date=August 2017}} |
||
{{Primary sources|date=November 2018}} |
{{Primary sources|date=November 2018}} |
||
}} |
|||
{{Banking |transfer}} |
{{Banking |transfer}} |
||
| Line 8: | Line 12: | ||
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".<ref name="EFTA">{{cite web |url=https://www.federalreserve.gov/boarddocs/caletters/2008/0807/08-07_attachment.pdf |title=Electronic Fund Transfer Act |publisher=Federal Reserve Board |year=1978|website=www.federalreserve.gov |access-date=September 8, 2018}}</ref> |
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".<ref name="EFTA">{{cite web |url=https://www.federalreserve.gov/boarddocs/caletters/2008/0807/08-07_attachment.pdf |title=Electronic Fund Transfer Act |publisher=Federal Reserve Board |year=1978|website=www.federalreserve.gov |access-date=September 8, 2018}}</ref> |
||
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 [[Cheque|checks]]" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, in Canada, "[[Interac e-Transfer|e-transfer]]" is used, while in several other European countries "[[ |
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 [[Cheque|checks]]" or "e-checks". In the United Kingdom, the term "BACS Payment", "bank transfer" and "bank payment" are used, in Canada, "[[Interac e-Transfer|e-transfer]]" is used, while in several other European countries "[[Giro (banking)|giro transfer]]" is the common term. |
||
== Types == |
== Types == |
||
EFTs include, but are not limited to:<ref name="EFTA"/> |
EFTs include, but are not limited to:<ref name="EFTA"/> |
||
* [[ |
* [[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 account]]s for payment for goods or services |
||
| ⚫ | |||
| ⚫ | |||
* [[QR code payment]] is a payment initiated using a [[QR Code]] scanned from a [[mobile app]] |
|||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
* [[instant payment]]. |
|||
==See also== |
==See also== |
||
| Line 37: | Line 41: | ||
== External links == |
== External links == |
||
* [https://efta.org/ Electronic Funds Transfer Association] |
* [https://efta.org/ Electronic Funds Transfer Association] |
||
| ⚫ | |||
| ⚫ | |||
{{Authority control}} |
{{Authority control}} |
||
[[Category:Electronic funds transfer| ]] |
[[Category:Electronic funds transfer| ]] |
||
| ⚫ | |||
| ⚫ | |||
Latest revision as of 04:24, 9 January 2024
 | 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)
|
| Part of a series on financial services |
| Banking |
|---|
 |
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.
Types[edit]
EFTs 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 SWIFT
See also[edit]
- Automated 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 payment
References[edit]
- ^ a b "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.
External links[edit]
| Authority control databases: National |
|---|
 | This economics-related article is a stub. You can help Wikipedia by expanding it. |
 | This technology-related article is a stub. You can help Wikipedia by expanding it. |