Electronic Funds Transfer (EFT) (EFT)

The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.)

The transfer of money between accounts by consumer electronic systems, such as automated teller machines (ATMs) and electronic payment of bills, rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.)