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electronic funds transfer

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noun

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. Abbreviations: EFT, EFTS

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“Was” is used for the indicative past tense of “to be,” and “were” is only used for the subjunctive past tense.

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Origin of electronic funds transfer

First recorded in 1970–75
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

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