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 ?
2-Definitions, under 2(m) Unauthorized Electronic Fund Transfer, a new paragraph 5.
3-Coverage, under 3(b) Electronic Fund Transfer, new paragraphs 1.
16(a)(1), when the consumer initiates an electronic fund transfer or makes a balance inquiry, and by any network used to complete the transaction.
Automated teller machine operator means any person that operates an automated teller machine at which a consumer initiates an electronic fund transfer or a balance inquiry and that does not hold the account to or from which the transfer is made, or about which an inquiry is made.
ii) The applicable time is 90 days in place of 45 days under paragraph (c)(2) of this section, for completing an investigation, if a notice of error involves an electronic fund transfer that:
The companies will direct their initial marketing focus toward credit card authorization, automated teller machines (ATM), and other electronic fund transfer (EFT) applications.
The Electronic Fund Transfers Act (EFTA) sets forth the existing disclosure requirements governing electronic fund transfers (EFTs), and provides a basic framework for establishing the rights, liabilities, and responsibilities of participants in EFT systems.
Now MYOB is providing small businesses with the ability to conduct Electronic Fund Transfers with confidence using the powerful eBusiness Gateway.
In the late 1970s, he was the deputy general counsel to the National Commission on Electronic Fund Transfers.
The second patent titled, "A Method and System for Providing Electronic Commerce Between Incompatible Data Processing Systems" provides for an automated system for the electronic exchange of electronic fund transfers and electronic data interchange type transactions between various business trading partners.

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