electronic funds transfer system

(EFTS)
 Bank processing system that allows payments to be made without having to write a check.

American business jargon. 2014.

Look at other dictionaries:

  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • electronic funds transfer — ( EFT) An electronically based rather than paper based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary ( EFT) Transfer of funds… …   Financial and business terms

  • Electronic Funds Transfer Act — The Electronic Funds Transfer (EFT) Act, also known as Regulation E, was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities… …   Wikipedia

  • electronic funds transfer — noun : the transfer of money from one location or account to another by computerized means * * * 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… …   Useful english dictionary

  • electronic funds transfer — system which enables the transfer of sums of money from one account to another by computer …   English contemporary dictionary

  • Electronic Funds Transfer Act — A federal law that protects consumers engaged in the transfer of funds through electronic methods. This includes the use of debit cards, automated teller machines and automatic withdrawals from a bank account. The act also provides a means of… …   Investment dictionary

  • electronic funds transfer at point of sale — EFTPOS The automatic debiting of a purchase price from the customer s bank or credit card account by a computer link between the checkout till and the bank or credit card company. The system depends on a customer s plastic card, which is ‘swiped’ …   Accounting dictionary

  • electronic funds transfer — noun a computerised banking system for the transfer of funds from one account to another. Compare EFTPOS. Also, EFT …   Australian English dictionary

  • electronic funds transfer — Fin the system used by banking organizations for the movement of funds between accounts and for the provision of services to the customer …   The ultimate business dictionary

  • electronic funds transfer at point of sale — EFTPOS The automatic debiting of a purchase price from the customer s bank or credit card account by a computer link between the checkout till and the bank or credit card company. The system can only work when the customer has a debit card or… …   Big dictionary of business and management

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