electronic funds transfer

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electronic funds transfer



(EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the World-Wide Web. The term also applies to credit card and automated bill payments.

Glossary (http://www.fms.treas.gov/eft/glossary.html).

(1999-12-08)