electronic funds transfer

(redirected from Electronic fund transfer)
Also found in: Financial, Encyclopedia.

e·lec·tron·ic funds trans·fer

(EFT) (ĕ-lek-tron'ik fŭndz trans'fĕr)
The automatic deposit of funds from one account to another account; often used in third-party reimbursement to health care providers.
Synonym(s): automated deposit.
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References in periodicals archive ?
The service facilitates a real-time, round-the-clock, interbank electronic fund transfer via mobile, internet and ATM.
The regulation provides that an ATM operator that charges a fee for initiating an electronic fund transfer or balance inquiry must post notices at ATMs that a fee will be imposed.
Currently, almost all retailers and commercial establishments in these regions, which is the largest market for point-of-sale (POS) terminals, are capable of electronic fund transfer (EFT).
When BoA floated the procurement tender, eight firms were keen to supply the Electronic Fund Transfer, and seven bidders for the supply of the point of sale terminals.
Among the proposed changes, persons, such as merchants and other payees, that use information from a check to initiate an electronic fund transfer from a consumer's account, would be required to provide notice to the consumer for each electronic fund transfer and obtain the consumer's authorization for the transaction.
2-Definitions, a new heading 2(k) Preauthorized Electronic Fund Transfer, and a new paragraph 1.
The company's Preauthorized Payment program incorporates all of the benefits of Electronic Fund Transfer technology into one complete, full-service package.
Part 205, its Regulation E, implementing the Electronic Fund Transfer Act.
The GLBA amends the Electronic Fund Transfer Act by requiring ATM operators that impose fees on consumers who hold accounts at other institutions to post a prominent and conspicuous notice of that fact on or near the ATM.
i) The applicable time is 20 business days in place of ten business days under paragraphs (c)(1) and (c)(2) of this section if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made.

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