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Simple English definitions for legal terms
electronic funds transfer
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A quick definition of electronic funds transfer:
Electronic funds transfer is a way to send money from one person or organization to another using computers. It involves a series of transactions between banks, starting with the person who wants to send the money and ending with the person who receives it. This process is regulated by laws that protect consumers and businesses.
A more thorough explanation:
Electronic funds transfer (EFT) is a process of transferring money from one person or entity to another through computerized banking systems. It involves a series of transactions that begin with the originator's payment order and end when the beneficiary's bank receives the final payment order.
For example, if you want to pay your electricity bill online, you can use EFT to transfer the money from your bank account to the electricity company's account. The process involves authorizing your bank to transfer the funds, and the electricity company's bank to receive the funds.
EFT is commonly used for various types of payments, such as direct deposit of salaries, online bill payments, and online shopping. It is a convenient and secure way of transferring money without the need for physical cash or checks.