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2017 Word of the Year

electronic funds transfer

noun
1.
the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one's own account to deposit in a creditor's.
Abbreviation: EFT.
Origin of electronic funds transfer
1970-1975
First recorded in 1970-75
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2017.
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