Electronic funds transfer: Difference between revisions
No edit summary Tags: Reverted Mobile edit Mobile web edit |
m Reverted edits by 2600:387:C:6A30:0:0:0:8 (talk) to last version by Kuru |
||
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}} |
||
Chikita Isaac |
|||
Chikita Isaac |
|||
Chikita Isaac |
|||
Chikita Isaac |
|||
Chikita Isaac |
|||
{{One source|date=August 2017}} |
{{One source|date=August 2017}} |
||
{{Primary sources|date=November 2018}} |
{{Primary sources|date=November 2018}} |
||
{{Banking |transfer}} |
{{Banking |transfer}} |
||
Chikita Isaac |
|||
'''Electronic funds transfer''' ('''EFT''') is the electronic transfer of money |
'''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".<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> |
Revision as of 15:47, 25 September 2021
This article relies largely or entirely on a single source. (August 2017) |
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 "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;
- instant payment.
See also
- Automated Clearing House (ACH)
- 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)
- Instant payment
References
- ^ a b "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.