Electronic funds transfer: Difference between revisions

Content deleted Content added

Inline

Revision as of 04:24, 9 January 2024

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, via computer-based systems, without the direct intervention of bank staff.

According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account".^[1]

EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "BACS Payment", "bank transfer" and "bank payment" are used, in Canada, "e-transfer" is used, while in several other European countries "giro transfer" is the common term.

Types

EFTs include, but are not limited to:^[1]

Automated teller machine (ATM) transfers
Direct deposit payment or withdrawals of funds initiated by the payer
Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services
Electronic bill payment in online banking, which may be delivered by EFT or paper check
QR code payment is a payment initiated using a QR Code scanned from a mobile app
Transfers initiated by telephone
Transfers resulting from credit or debit card transactions, whether initiated through a payment terminal
Wire transfer via an international banking network such as SWIFT

References

^ ^a ^b "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.

External links

Electronic Funds Transfer Association

This economics-related article is a stub. You can help Wikipedia by expanding it.

This technology-related article is a stub. You can help Wikipedia by expanding it.

[EFTA-1] "Electronic Fund Transfer Act" (PDF). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018.

[1]

@@ Line 1: / Line 1: @@
 {{short description|Electronic transfer of money from one bank account to another}}
+{{distinguish|Electronic benefit transfer}}
+{{Multiple issues|
 {{One source|date=August 2017}}
 {{Primary sources|date=November 2018}}
+}}
 {{Banking |transfer}}
@@ Line 8: / Line 12: @@
 According to the United States [[Electronic Fund Transfer Act]] of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to [[debit]] or [[credit]] a consumer's account".<ref name="EFTA">{{cite web |url=https://www.federalreserve.gov/boarddocs/caletters/2008/0807/08-07_attachment.pdf |title=Electronic Fund Transfer Act |publisher=Federal Reserve Board |year=1978|website=www.federalreserve.gov |access-date=September 8, 2018}}</ref>
-EFT transactions are known by a number of names across countries and different payment systems.  For example, in the United States, they may be referred to as "electronic [[Cheque|checks]]" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "[[giro|giro transfer]]" is the common term.
+EFT transactions are known by a number of names across countries and different payment systems.  For example, in the United States, they may be referred to as "electronic [[Cheque|checks]]" or "e-checks". In the United Kingdom, the term "BACS Payment", "bank transfer" and "bank payment" are used, in Canada, "[[Interac e-Transfer|e-transfer]]" is used, while in several other European countries "[[Giro (banking)|giro transfer]]" is the common term.
 == Types ==
 EFTs include, but are not limited to:<ref name="EFTA"/>
-* [[automated teller machine]] (ATM) transfers;
+* [[Automated teller machine]] (ATM) transfers
-* [[direct deposit]] payment or withdrawals of funds initiated by the payer;
+* [[Direct deposit]] payment or withdrawals of funds initiated by the payer
-* [[direct debit]] payments for which a business debits the consumer's [[bank account]]s for payment for goods or services;
+* [[Direct debit]] payments in which a business debits the consumer's [[bank account]]s for payment for goods or services
+* [[Electronic bill payment]] in [[online banking]], which may be delivered by EFT or paper check
-* transfers initiated by telephone;
+* [[QR code payment]] is a payment initiated using a [[QR Code]] scanned from a [[mobile app]]
-* transfers resulting from [[credit card|credit]] or [[debit card]] transactions, whether or not initiated through a [[payment terminal]].
+* Transfers initiated by telephone
-* [[wire transfer]] via an international banking network such as [[SWIFT]];
+* Transfers resulting from [[credit card|credit]] or [[debit card]] transactions, whether initiated through a [[payment terminal]]
-* [[electronic bill payment]] in [[online banking]], which may be delivered by EFT or paper check;
+* [[Wire transfer]] via an international banking network such as [[SWIFT]]
-* transactions involving [[Stored-value card|stored value]] of [[electronic money]], possibly in a [[private currency]];
-* [[instant payment]].
 ==See also==
 * [[Automated Clearing House]] (ACH)
-* [[Cryptocurrency wallet]]
-* [[Digital currency]]
 * [[E-commerce payment system]]
 * [[Electronic funds transfer at point of sale]] (EFTPOS)
+* [[Immediate Payment Service]]
 * [[Interbank network]]
 * [[Payment system]]
 * [[Real time gross settlement]]
 * [[Society for Worldwide Interbank Financial Telecommunication]] (SWIFT)
-* [[Virtual currency]]
 * [[Instant payment]]
@@ Line 40: / Line 41: @@
 == External links ==
 * [https://efta.org/ Electronic Funds Transfer Association]
-{{econ-stub}}
-{{tech-stub}}
 {{Authority control}}
 [[Category:Electronic funds transfer| ]]
+{{econ-stub}}
+{{tech-stub}}