Electronic Funds Transfer
/ˌɪlɛkˈtrɒnɪk fʌndz trænsˈfɜːr/
Definitions
- (n.) A transfer of funds initiated through electronic means, typically involving computers and telecommunications systems, used to move money between accounts without paper checks or physical exchange.
The bank processed the payment via electronic funds transfer to ensure prompt delivery.
Forms
- electronic funds transfer
- electronic funds transfers
Related terms
See also
Commentary
Commonly abbreviated as EFT, the term encompasses various methods including wire transfers and ACH transactions; precise statutory 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.