The transfer of payments directly into a provider's financial institution account rather than mailing out paper checks.
Electronic systems that transmit standardized financial data, payments and other transactions between connected parties and do not use paper documents to increment or decrement accounts.
Also known as a wire, or telegraphic transfer (t/t), this is the process of moving money from bank to bank electronically.
are taxation payments can be made electronically by Direct Credit, BPAY®, or Direct Debit.
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.
This is a process that allows CFC to electronically transfer child support payments to a custodial parent's checking or savings account.
A method of payment used in place of a paper check. To Top
Refers to payments cleared through Fedwire or ACH.
The transfer of funds between accounts and firms electronically.
The transfer or movement of funds by electronic means.
A method of collecting policy premium electronically from the policy holder's bank account.
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.
A premium payment method under which policy owners authorize their banks to pay premiums automatically on due dates by transferring funds by wire from the bank to the insurer.
Movement of funds from one bank account to another using communications networks to activate banking transactions.
KPERS retirement benefits are directly deposited into a member's account at a financial institution by electronic transmission according to a routing code and account number, instead of a paper check.
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.
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).
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.
Electronic distribution of loan funds from the lender to the college.
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.
Any transfer of funds between accounts using an electronic terminal, telephone, computer, or magnetic tape and that does not use checks or other paper.
A generic term describing any transfer of funds between parties or depository institutions via electronic data systems. Automated Clearing House (ACH) is an example 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.
This is a wire transfer of money, usually from the Lessor to the equipment vendor for the amount specified in the lease agreement.
A paperless transfer of funds initiated from a bankcard terminal, computer, telephone instrument, or magnetic tape.
a transfer of funds, other than by check or paper instrument, which is performed through use of a telephone, Bethpage ATM or ATM, computer, magnetic tape or other electronic means
An automatic method of transferring funds electronically from one bank account to another without producing a check. See also: Automatic Payment Plan.
A paperless computerized system enabling funds to be debited, credited, or transferred, eliminating the need fore personal handling of checks.
the development of banking and payment systems that transfer funds electronically instead of using cash or paper documents such as checks
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.
Transferring funds between accounts and firms electronically.
Systems used to transfer funds electronically, i.e., computers, magnetic tapes, automated teller machines, and telephones instead of issuing paper checks.
Moving money between entities electronically (in the case of student loans, disbursing funds electronically to the borrower's college or university).
A wire transfer whereby the Lessor remits payment to the equipment vendor. At the moment of funding, this amount is wired to the vendor less any payments agreed upon in the Assignment of Proceeds.
The electronic transfer of loan proceeds from the lender to a restricted account at the school or the school's financial institution.
Any movement of funds by nonpaper means. EFTs provide various levels of security and the funds are generally available for investment sooner.
(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.
A monthly benefit payment electronically transferred to the bank account of the recipient. It is also known as CRAFTS, Central Regional Automatic Funds Transfer System, Inc.
Any transfer of funds that is initiated through electronic means, like a wire transfer from a bank to a school.
A paperless transfer of funds initiated by transmission from a terminal, computer or telephone.
Used by ULV and lenders to wire funds for Stafford and PLUS loans directly to participating schools without requiring an intermediate check for the student to endorse.
Means of transferring money from UNC to individual bank accounts. Also see Direct Deposit and ACH.
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.
A transfer of funds initiated electronically rather than by use of a paper check.
The transfer of money via an electronic terminal including an automatic teller machine or telephone. It also applies to credit card and recurring payments.
Process by which money is transmitted electronically from one bank account to another.
Any funds transfer that is sent electronically, either by telecommunication or written on magnetic media such as tape, cassette, or disk
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.
The means by which a donor's bank transfers a donation (usually monthly) from the donor's bank account to the bank account of a non-profit organization that the donor designates.
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.
The process of transferring funds from one account to another electronically rather than by check or cash.
Or EFT. It can refer to any digital transfer of money between accounts, whether by ATM machine or online bill paying.
(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.
transfer of money from one bank account to another or to a CSE Agency
your funds are electronically deposited directly to an account at UAF, which expedites disbursing funds to you.
See "Automated Clearing House ( ACH) Transfer"
Movement of funds between two accounts, sometimes used to make payments.
Any transfer of funds that are implemented by electronic means. Examples of electronic funds transfer means include: electronic terminal, telephone, computer, ATM or magnetic tape.
Generic term for electronically transferring money between financial institutions' accounts.
A generic term used whenever money is moved between accounts using an electronic terminal, telephone, computer, magnetic tape, or other means besides checks or other paper.
Electronic payments such as ACH or wire transfer.
The use of telecommunications systems and debit and credit cards to move funds. Paperless system used with credit and debit cards.
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.).
A method of making payments directly into the payee account. Wages may be paid this way. The process saves withdrawal of funds from one account for deposit into another account.
System of transferring funds from one account to another using electronic pulses instead of paper.
Automatically transferring payment to a provider's or supplier's bank account.
Refers to money transactions performed by any electronic means (i.e. Fedwire, ATM and ACH).
A process allowing the lender or the borrower to transfer payments electronically between bank accounts or to a lender.
A method of transferring funds between financial intermediaries through an electronic computer network.
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.
is the electronic transfer of money from one account to another.
The transfer of money electronically from an account in one financial institution to an account in another financial institution (see Direct Deposit).
A generic term used to describe any ACH or wire transfer.
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
A process where student loan funds are wired electronically into the school’s restricted account at the school’s bank, then transferred to the student’s tuition account.
EFT is a method of transferring funds electronically between bank accounts to pay invoices.
An electronically-transmitted financial credit or debit transaction using EDI.
The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
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 system for sending funds electronically, such as data transmission by computer rather than a paper-based transaction, such as a check.
A process that allows either the lender or the borrower to transfer funds or payments electronically between respective bank accounts.
A transfer of money initiated through an electronic terminal, automated teller machine, computer, or telephone, the term EFT also applies to automated bill and credit card payments.
Abbreviated and commonly called EFT, and electronic-based mechanism for transferring funds, rather than a paper-based system.
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.
The movement of funds by non-paper means (i.e. electronically usually through a payment system such as the ACH network of Fedline.
Technology that transfers funds from the bank account of one person or organization to that of another.
A paperless way to get loan money electronically transferred from the lender to an account at the school or the school's financial institution.
EFT allows account holders to transfer funds from an account electronically. This method of transfer is not only highly secure, but also extremely efficient and easy to transact.
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.
A transfer of funds that is initiated through electronic means and results in a financial institution debiting or crediting an account.
Transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearing house services are EFT systems.
a system for transferring money electronically between accounts at financial institutions
Electronic transfer of funds from one account to another.
The financial service of electronically transferring funds from one account to another instead of using current checking system. Also referred to as an “automatic bank draft”.
The transfer of money between accounts using consumer electronic systems such as automated teller machines (ATMs) or electronic bill payments.
A system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit.
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.
Process of electronically transferring funds to or from an account. This evolved to eliminate the costly and time consuming paper method.
A term used to describe the electronic transfer of monies from one financial institution to another.
The transfer of money initiated through an electronic terminal, ATM machine, computer or telephone.
The transfer of money initiated through an electronic terminal, automated teller machine, computer, telephone, or magnetic tape. EFT also applies to credit card and automated bill payments.
System of transferring funds from one account to another by electronic means.
Process by which payments associated with toll passage, parking fees, etc. are communicated from the Authority maintaining the Customer account to the Authority providing the service.
the use of computers and electronic means to transfer from one account to another or from one party to another “dŽqŽ‘‹àˆÚ“®iƒRƒ“ƒsƒ…[ƒ^[‚É‚æ‚鎑‹àˆÈ~ŒˆÏj
Electronic system by which money is transferred between accounts.
automation in financial services whereby funds are transferred electronically. Page 356
A method where funds that the student applied for are electronically transferred from the lender into the student's tuition account.
The transfer of a monetary amount that has been charged on a credit or charge card to a bank or clearinghouse.
The transfer of funds or assets between two accounts.
An industry term meaning monies transferred from one account to another electronically.
A system that transfers funds through electronic messages instead of by traditional means, such as cash or cheques.
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.
Allows you to deposit or withdraw money from an account through electronic means, eliminatiing cheques and withdrawal slips.
Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.