electronic transfer of funds

noun

1. the transfer of money from one bank or building-society account to another by means of a computer link using the telephone network ETF

Example Sentences

A catch-all law, a charge of wire fraud only requires proving that some kind of electronic method was used to carry out the scam—whether an email, text or electronic transfer of funds.

From Salon

“Specifically, Our Revolution was the victim of a Business E-Mail Compromise scam that took place in December 2016 but was not discovered until January 2017, resulting in the loss of approximately $242,000 via an electronic transfer of funds to an overseas account,” wrote Ms. Kleeb, who also chairs the Nebraska Democratic Party.

From Washington Times

“We believe it would go a long way toward protecting workers if the bureau would clearly and specifically state its view on what is and is not allowed” under the primary federal law that governs the electronic transfer of funds.

From New York Times

Electronic transfer of funds will increasingly affect first-class mail, and the volume of magazines and newspapers will dwindle as major magazines, including those we publish, and major newspapers, like the Wall Street Journal, flee the mails in the urban centers, where they now generate a very favorable positive cash flow for the Postal Service.

From Time Magazine Archive