EFT (Electronic Funds Transfer)

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Related Terms

  • Automated Teller Machine (ATM)

    An automated teller machine (ATM) is a device that allows for the withdrawal of cash without the need of a human teller or cashier.

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  • Regulation E (Reg-E)

    Regulation E details procedures for the processing of electronic funds transfers (EFTs) in addition to debit cards.

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