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.

From Reuters

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

From Reuters

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

“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

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