Electronic funds transfer: Difference between revisions
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{{short description|Electronic transfer of money from one bank account to another}} |
{{short description|Electronic transfer of money from one bank account to another}} |
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{{distinguish|Electronic benefit transfer}} |
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{{Multiple issues| |
{{Multiple issues| |
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{{One source|date=August 2017}} |
{{One source|date=August 2017}} |
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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> |
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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 "[[Giro (banking)|giro transfer]]" is the common term. |
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. |
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== Types == |
== Types == |
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* [[Direct deposit]] payment or withdrawals of funds initiated by the payer |
* [[Direct deposit]] payment or withdrawals of funds initiated by the payer |
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* [[Direct debit]] payments in which a business debits the consumer's [[bank account]]s for payment for goods or services |
* [[Direct debit]] payments in which a business debits the consumer's [[bank account]]s for payment for goods or services |
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* [[QR code payment]] is a payment initiated using a [[QR Code]] scanned from a [[mobile app]] |
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* Transfers initiated by telephone |
* Transfers initiated by telephone |
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* Transfers resulting from [[credit card|credit]] or [[debit card]] transactions, whether initiated through a [[payment terminal]] |
* Transfers resulting from [[credit card|credit]] or [[debit card]] transactions, whether initiated through a [[payment terminal]] |
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* [[Wire transfer]] via an international banking network such as [[SWIFT]] |
* [[Wire transfer]] via an international banking network such as [[SWIFT]] |
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* [[Instant payment]] |
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==See also== |
==See also== |
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Latest revision as of 04:24, 9 January 2024
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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.
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]
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