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. EFT, EFTS

Word History and Origins

Origin of electronic funds transfer¹

First recorded in 1970–75

Example Sentences

The suit accused the company of violating the Electronic Funds Transfer Act by not investigating or recrediting Bielski's account.

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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.

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“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.

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

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First up: the electronic funds transfer itself.

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