Electronic funds transfer: Difference between revisions
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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. |
'''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. |
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According to the United States |
According to the United States 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, while in several other European countries "[[giro|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 "bank transfer" and "bank payment" are used, while in several other European countries "[[giro|giro transfer]]" is the common term. |
Revision as of 19:41, 17 February 2021
This article relies largely or entirely on a single source. (August 2017) |
Part of a series on financial services |
Banking |
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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 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 "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term.
Types
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 for which a business debits the consumer's bank accounts for payment for goods or services;
- transfers initiated by telephone;
- transfers resulting from credit or debit card transactions, whether or not initiated through a payment terminal.
- wire transfer via an international banking network such as SWIFT;
- electronic bill payment in online banking, which may be delivered by EFT or paper check;
- transactions involving stored value of electronic money, possibly in a private currency;
- instant payment.
See also
- Automated Clearing House (ACH)
- Cryptocurrency wallet
- Digital currency
- E-commerce payment system
- Electronic funds transfer at point of sale (EFTPOS)
- Interbank network
- Payment system
- Real time gross settlement
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- Virtual currency
- Instant payment
References
- ^ a b "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.