10.4 Electronic Funds Transfer (EFT)

Electronic funds transfer, often abbreviated EFT, is a system for moving money from one account to another without the use of checks. This banking system transfers funds through computers and other electronic equipment. EFT includes five main types of facilities and systems:

• automated teller machines (ATMs),
• telephone-banking systems,
• computer-banking systems,
• automated clearinghouses, and
• point-of-sale terminals.