Electronic Funds Transfer definition

Electronic Funds Transfer means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers.

Electronic Funds Transfer means an electronic transmission of funds conducted by and received at a financial institution or a financial entity headquartered in and operating in a country that is a member of the Financial Action Task Force, where neither the sending nor the receiving account holders handle or transfer the funds, and where the transmission record contains a reference number, the date, transfer amount, currency and the names of the sending and receiving account holders and the conducting and receiving entities.

Electronic Funds Transfer means a remote electronic transmission used for ordering, instructing, or authorizing a financial institution to pay money to or credit the account of the payee and debit the account of the payer. The remote electronic transmission may be initiated by telephone, terminal, computer, or similar device.

Examples of Electronic Funds Transfer in a sentence

• In addition, the parties agree that if any payment order governed by this Addendum is part of a funds transfer subject to the federal Electronic Funds Transfer Act, then all actions and disputes as between you and the Bank shall be governed by Article 4-A of the Uniform Commercial Code, as varied by this Addendum.

• CFCU may accept funds which have been transmitted through wire transfers or one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Funds Transfer Act.

• Internal and External transfers from any Money Market or Savings accounts you designate for use with our EBServices may be limited by the Truth in Savings Disclosure or Electronic Funds Transfer Disclosure as received, as applicable, when you opened your account or revised your account with us and as may have been amended from time to time.

• Such authorizations and any related disclosures shall be in a form that complies with (i) all requirements of the NACHA Rules and (ii) all applicable federal and state laws and regulations, as the same may be amended from time to time, including, without limitation, any applicable requirements of Regulation E, the Federal Electronic Funds Transfer Act, and sanctions enforced by OFAC.

More Definitions of Electronic Funds Transfer

Electronic Funds Transfer means any transfer of funds, other than a trans- action originated by cash, check, or Fiscal Service, Treasury § 208.2 similar paper instrument, that is initi- ated through an electronic terminal, telephone, computer, or magnetic tape, for the purpose of ordering, instruct- ing, or authorizing a financial institu- tion to debit or credit an account. The term includes, but is not limited to, Automated Clearing House transfers, Fedwire transfers, and transfers made at automated teller machines and point-of-sale terminals. For purposes of this part only, the term electronic funds transfer includes a credit card transaction.

Electronic Funds Transfer means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephonic instrument, modem, computer, or magnetic tape, so as to order, instruct, or authorize a financial institution to credit or debit an account.

Electronic Funds Transfer means the same as defined in section 203.1.

Electronic Funds Transfer means any transfer of funds, other

Electronic Funds Transfer. (or “EFT”) are used as defined in the Electronic Funds Transfer Act and Bureau of Consumer Financial Protection Regulation E to mean an electronic transfer of funds initiated by a computer or similar device to or from a consumer’s Deposit Account, such as transfers through Online Banking, including the Mobile Banking Service.

Electronic Funds Transfer means 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. [IC 36-1-8-11.5]

Electronic Funds Transfer means a transfer that is initiated through Mobile Banking or Online Banking to debit or credit an Account that is a deposit account used primarily for personal, family or household purposes. The term does not include any transfer made through Fed wire or a similar wire transfer service, any transfer of funds between your Accounts, or any transfer between any of your Accounts and any customers within our financial institution.