Electronic funds transfer - Wikipedia Electronic funds transfer This article does not cite any sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( August 2017 ) Part of a series on financial services Banking Types of banks Advising Banq Central Commercial Community development Cooperative Credit union Custodian Depository Direct Export credit agency Investment Industrial Merchant Mutual savings National Offshore Participation Postal savings Private Public Retail Savings Savings and loan Universal Bank holding company Lists of banks Accounts Cards Accounts Christmas club Deposit Money - market Savings Time deposit ( Bond ) Transaction ( checking / current ) Cards ATM Credit Debit Funds transfer Electronic bill payment Wire Cheque SWIFT Automated Clearing House Giro Terms Automated teller machine Bank regulation Loan Money creation Bank secrecy Ethical banking Fractional - reserve banking Islamic banking Private banking Related topics Financial market ( participants ) Corporate finance Personal finance Public finance Financial law Financial regulation List of banks Commons Portal According to the Electronic Fund Transfer Act an Electronic funds transfer ( EFT ) is : a funds transfer initiated through an electronic terminal, telephone, computer ( including on - line banking ) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer 's account. EFT are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer - based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as `` electronic checks '' or `` e-checks ''. In the United Kingdom, the term `` bank transfer '' and `` bank payment '' are used, while in several other European countries `` giro transfer '' is the common term. Contents 1 Types 2 See also 3 References 4 External links Types EFTs include, but are not limited to : point - of - sale ( POS ) transfers ; automated teller machine ( ATM ) transfers ; direct deposit payment or withdrawals of funds initiated by the payer ; direct debit payments for which a business debits the consumer 's bank accounts for payment for goods or services ; transfers initiated by telephone ; transfers resulting from credit or debit card transactions, whether or not initiated through an electronic terminal. wire transfer via an international banking network such as SWIFT ; electronic bill payment in online banking, which may be delivered by EFT or paper check ; transactions involving stored value of electronic money, possibly in a private currency ; instant payment. See also Automated Clearing House Digital currency E-commerce payment system Electronic funds transfer at point of sale ( EFTPOS ) Interbank network Payment system Real time gross settlement Society for Worldwide Interbank Financial Telecommunication ( SWIFT ) Virtual currency Instant payment References ^ Jump up to : `` Electronic Fund Transfer Act '' ( PDF ). www.federalreserve.gov. Federal Reserve Board. 1978. Retrieved September 8, 2018. External links Electronic Funds Transfer Association This economics - related article is a stub. You can help Wikipedia by expanding it. This technology - related article is a stub. You can help Wikipedia by expanding it. LCCN : sh85042329 NDL : 00992423 Retrieved from `` https://en.wikipedia.org/w/index.php?title=Electronic_funds_transfer&oldid=858970919 '' Categories : Economics and finance stubs Technology stubs Banking terms Electronic funds transfer Banking technology E-commerce Hidden categories : Articles lacking sources from August 2017 All articles lacking sources All stub articles Wikipedia articles with LCCN identifiers Wikipedia articles with NDL identifiers Talk Contents About Wikipedia বাংলা Ελληνικά Español فارسی हिन्दी עברית ಕನ್ನಡ Lietuvių Polski Português தமிழ் Türkçe Українська Tiếng Việt 中文 7 more Edit links This page was last edited on 10 September 2018, at 21 : 06 ( UTC ). Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: what is the meaning of electronic fund transfer
Answer: a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.