Electronic Fund Transfer
/ɪˌlɛkˈtrɒnɪk fʌnd ˈtrænsfɜr/
Definitions
- (n.) A transfer of funds initiated through an electronic terminal, telephone, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account.
The customer authorized an electronic fund transfer to pay the utility bill.
Forms
- electronic fund transfer
- electronic fund transfers
Related terms
See also
Commentary
Often governed by specific statutes like the Electronic Fund Transfer Act, which protect consumers and regulate the process; exact definitions may vary by jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.