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Simple English definitions for legal terms
EFT
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A quick definition of EFT:
Term: EFT
Definition: EFT stands for Electronic Funds Transfer. It's a way to send money from one person or company to another using computers. It's like sending an email, but instead of words, you're sending money. It's a safe and fast way to pay for things without using cash or checks.
A more thorough explanation:
Definition: EFT stands for Electronic Funds Transfer. It is a process of transferring money from one person or entity to another through computerized banking systems. The process starts with the originator's payment order and ends when the beneficiary's bank receives the final payment order.
For example, if you want to pay your friend for dinner, you can use EFT to transfer the money from your bank account to your friend's bank account. The process is quick and secure, and you don't need to use cash or checks.
Commercial or wholesale funds transfers are governed by Article 4A of the UCC, while consumer funds transfers are regulated by the federal Electronic Funds Transfer Act.
Example: John wants to pay his rent using EFT. He logs into his bank account and initiates a payment order to his landlord's bank account. The landlord's bank receives the payment order and processes the payment. The process is completed when the landlord's bank sends a final payment order to John's bank, confirming that the payment has been received.