electronic funds transfer

American  

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. EFT, EFTS

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Etymology

Origin of electronic funds transfer

First recorded in 1970–75

Example Sentences

A consumer who reports an unauthorized electronic funds transfer within two days is liable for no more than $50 of the loss, under federal rules.

From Los Angeles Times • Oct. 7, 2022

“Mr. Hock is a magnificent strategist, maybe even brilliant,” Helene Duffy, a consultant in the field of electronic funds transfer, told The Times in 1981.

From New York Times • Aug. 5, 2022

When you pay with a credit card, a debit card or electronic funds transfer, the institution standing behind the transaction is a bank.

From New York Times • Dec. 10, 2021

You can also avoid fees by paying by check or direct electronic funds transfer.

From Forbes • Oct. 17, 2014

Better still, you might like to make yourself an employee and pay yourself a tidy once-off bonus through electronic funds transfer.

From Underground by Dreyfus, Suelette