Electronic Fund Transfer Definition

An electronic funds transfer EFT is a computerized banking transaction that is used to transfer funds from one account to another account electronically. The consumer must authorize the transfer 12 CFR 10053b2 Electronic fund transfer EFT is a transfer of funds initiated through an electronic terminal telephone computer including online banking or magnetic tape for the purpose of ordering instruct-.

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The Electronic Fund Transfer System EFTS is a national project appointed to Benefit by the Central Bank of Bahrain which will connect all retail banks and community billers in Bahrain and enhance the efficiency of fund transfers and bill presentments and payments.

Electronic fund transfer definition. Electronic Funds Transfer or EFT means any transfer of funds initiated through an electronic terminal telephone instrument computer or magnetic tape so as to order instruct or authorize a financial institution to debit or credit an account using the methods specified in these rules. An electronic funds transfer system EFTS is a transfer system in which money can be transferred to business or individual accounts without requiring paper money to change hands. De très nombreux exemples de phrases traduites contenant electronic funds transfer Dictionnaire français-anglais et moteur de recherche de traductions françaises.

As a digital transaction there is no need for paper documents. These changes are referred to as electronic funds transfer or the electronic transfer of money from one account to another. Medical Dictionary for the Health Professions and Nursing Farlex 2012.

EFT facilitates smooth and speedy funds transfer and thus it reduces the cost of transferring funds and enables firms to save time. EFT ĕ-lek-tronik fŭndz transfĕr The automatic deposit of funds from one account to another account. Often used in third-party reimbursement to health care providers.

These transfers take place independently from bank employees. According to the US. Batelco inks collaboration deal with Benefit.

Definition of electronic funds transfer. Electronic funds transfer uses computer systems to move funds without. An electronic funds transfer EFT is the electronic transfer of money over an online network.

Electronic funds transfers can be performed between the same. Electronic funds transfer EFT refers to an electronic financial transaction. Due to its benefits electronic funds transfer.

What is Electronic Funds Transfer EFT. To initiate a one-time electronic fund transfer from a consumers account. Money moves electronically from one bank account to another usually within 24 hours of a scheduled payment.

Electronic funds transfer EFT is the means by which financial institutions exchange billions of dollars every day without the physical movement of any paper money. Electronic funds transfer systems are used for payroll payments debit or credit transfers mortgage payments or other payments. Electronic Fund Transfer Act an EFT is a non-paper financial transaction initiated via computer or another electronic terminal that gives a financial institution authorization to debit or credit an account.

Transfer of money from one bank to another using their computer systems We did an electronic funds transfer. Wel comeplease subcribe my channellike n comment please. What Does Electronic Funds Transfer System EFTS Mean.

An electronic funds transfer EFT or direct deposit is a digital movement of money from one bank account to another. Electronic Fund Transfer means any transfer of money other than a transaction originated by check draft or similar paper instrument that is initiated through an electronic terminal and orders instructs or authorizes a financial institution to debit or credit an account. 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 through computer-based systems and.

What is an electronic funds transfer.

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