electronic transfer of funds

electronic transfer of funds
= ETF
The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic Transfer of Funds Act (1978) limits customer liability for unauthorized transfers to $50M. See also electronic funds transfer at point of sale

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  • electronic transfer of funds — ETF The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic… …   Accounting dictionary

  • Interbank Network for Electronic Transfer - INET — Worldwide network that facilitates the transfer of debit and credit card transactions between financial institutions. INET covers any transaction made by a card bearing the Mastercard logo, debit or credit. INET deals with the actual transfer of… …   Investment dictionary

  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • electronic funds transfer — ( EFT) An electronically based rather than paper based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary ( EFT) Transfer of funds… …   Financial and business terms

  • Electronic Funds Transfer Act — A federal law that protects consumers engaged in the transfer of funds through electronic methods. This includes the use of debit cards, automated teller machines and automatic withdrawals from a bank account. The act also provides a means of… …   Investment dictionary

  • electronic funds transfer —    Form of electronic commerce that operates through debit cards that enable the automatic transfer of funds from a user s bank account …   IT glossary of terms, acronyms and abbreviations

  • wire transfer — Electronic transfer of funds; usually involves large dollar payments. Bloomberg Financial Dictionary * * * wire transfer wire transfer ➔ transfer2 * * * wire transfer UK US noun [U] BANKING, E COMMERCE ► TELEGRAPHIC TRANSFER(Cf. ↑telegraphic… …   Financial and business terms

  • electronic funds transfer at point of sale — EFTPOS The automatic debiting of a purchase price from the customer s bank or credit card account by a computer link between the checkout till and the bank or credit card company. The system depends on a customer s plastic card, which is ‘swiped’ …   Accounting dictionary

  • electronic funds transfer — noun a computerised banking system for the transfer of funds from one account to another. Compare EFTPOS. Also, EFT …  

  • electronic crime — any criminal activity involving the use of computers, as the illegal transfer of funds from one account to another or the stealing, changing, or erasing of data in an electronic data bank. * * * …   Universalium

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