Electronic movement of data between banks which results in a value transfer between accounts. EFT is an electronic commerce technologies that allows the transfer of funds from the bank account of one person or organization to that of another. EFT is also used to refer to the action of using this technology.
is used by some schools and Stafford Loan lenders to wire funds for Stafford loans directly to participating schools without requiring an intermediate check for the student to endorse. The money is transferred electronically instead of using paper, and hence is available to the student sooner. Students are advised to use EFT.
Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. Since the 1990s, this has also included transfer initiated via the World-Wide Web. The term also applies to credit card and automated bill payments. You'll find a lot of people who say that their favorite EFT process is the one that deposits their salaries in their bank accounts.
Electronic Funds Transfer (EFT). Can be a generic term for an electronic payment or Direct credit. The expression is also associated specifically with the payment system or service used for 'same day' payments in the UK, ie, CHAPS, the Clearing House Automated Payment System.
A system that optimizes the transfer of electronic payments, including remittance information, over secure private networks between banks. Direct deposit of employee paychecks into their bank accounts is one use of EFT.
Another important component of the payments system, especially in the developed countries, is the electronic funds transfer. It involves the use of computers to transfer large sums of money. The efficient operation of this mode of payment depends critically on the reliability of telecommunications and electricity supply.
A system that enables the transfer of electronic payments, excluding remittance information, among trading partners and financial institutions. Direct deposit of employee paychecks into their bank accounts is one example of the use of EFT. I-Commerce
Illinois Public Act 91-0677, effective January 5, 2000, requires every employer with at least 250 employees to use EFT. Employers with fewer than 250 employees but with at least 10 Income Withholding Notices must also use EFT to pay all amounts withheld except for: support orders providing only spousal maintenance with no child support obligations; support orders entered in another state; non IV-D support payments not being made through income withholding.
(EFT - also referred to as "ACH") This is a means by which the Lessor will pay the vendor's invoice by wire transfer rather than by check. In other words, at the time of funding the Lessor will wire the invoice amount, less any amount assigned under an Assignment of Proceeds Agreement, directly to the vendor's bank account.
premium payment or annuity deposit method under which the certificate owner authorizes their bank to pay premiums or annuity deposits automatically by transferring funds by wire from the bank to the insurer.
Financial transactions are carried out electronically without the use of cash. Funds may be debited from one account and credited to another account when we make a purchase with a debit card. Payments can be made very quickly over the internet or some other network.
means a system of technology that allows Bingo Sponsors' Associations to disburse pooled lottery proceeds securely by electronic means from their lottery trust accounts to each of their member organizations' lottery trust accounts rather than writing cheques.
A process used by many schools and lenders to electronically wire funds for Stafford and PLUS disbursements directly to the school, eliminating the need for a paper check that would need to be signed by both the school and the student.
A process by which student loan proceeds are electronically disbursed directly from the lender to the school, and the school then applies the funds against the student's account at the school. This eliminates the need for individual checks for student loan disbursements.
An electronically based rather than paper-based system of transferring money. One of the most widely used EFT methods is to transfer funds using the Automated Clearing House network (ACH), a computer network that connects all US financial institutions. CircleLending uses ACH to debit and credit loan repayments.
(EFT) The transfer of funds between accounts electronically, bypassing paper-based methods. The two main categories are wire transfer systems such as FedWire that link banks in the federal reserve system with CHIPS and consumer electronic payment systems.
A service that allows customers to have premium payments drawn directly from their bank accounts, eliminating the need to write checks. EFT simplifies record keeping, eliminates postage fees and reduces bank processing charges.
A paperless transmission of data representing money in a certain currency by electronic terminal (computer, POS etc.). In choosing EFT, users authorize a financial institution to debit or credit an account. It replaces the sending of paper instruments (checks etc.).
An account holder has two options for payment from their AGF account upon withdrawal. One is a cheque mailed to the address on file for that account holder (or signature guaranteed request to be sent to another address), the second is to have the proceeds sent EFT to their bank account. In order to request the second option, the account holder needs to provide AGF with banking information (usually a pre-printed void cheque in which the address matched the address AGF has on file- otherwise a signature guarantee will be required). EFT usually takes three to five business days to be released into the bank account.
A transfer of funds that is initiated through electronic means such as a data transmission by computer rather than a paper based transaction such as a check. Many schools and lenders use EFT to simplify and shorten the process of disbursing student loan funds. Back to glossary main page
Money transactions to or from checking and savings accounts that do not require paper (checks or cash) but use computer technology instead. Examples are direct deposit, automated teller machine (ATM), and debit card transactions.
A transaction that allows ISA+ payors to have premium payments drawn directly from their bank accounts, eliminating the need to write checks. EFTs simplify record keeping, eliminate postage fees, and reduce bank processing charges.
Used by lenders to wire funds for Stafford Loans directly to the Seminary without requiring an intermediate check for the student to endorse. Since the money is transferred electronically, it is made available to the student sooner.
Any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephone, or computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account. The term includes, but is not limited to, point-of-sale transfers, ATM transfer, direct deposits or withdrawals of funds, and transfers initiated by telephone. It includes all transfers resulting from debit card transactions, including those that do not involve an electronic terminal at the time of the transaction. The term does not include payments made by check, draft, or similar paper instrument at an electronic terminal.
Student loan funds that are sent to Stony Brook electronically by the lender. EFT permits speedy disbursal of your loan because the funds are deposited directly into your account without requiring you to sign a check.
A transfer of funds between accounts by electronic means rather than conventional paper-based payment methods. EFT is any financial transaction originating from a telephone or electronic terminal, or from a computer or magnetic tape.