Common use of Types of Electronic Funds Transfers Clause in Contracts

Types of Electronic Funds Transfers. An “electronic funds transfer” is any transaction that is accomplished electronically to debit or credit a consumer account, as well as all transfers resulting from ATM or debit Card transactions. Examples of electronic funds transfers include the following: • Electronic funds transfers initiated by or to third parties (including preauthorized credits, debits, or payments); • Electronic transfers using your Account number, such as employer payroll, government benefits or other direct deposits or bill payments to third parties; • Telephone transfers; • ATM transfers; • Card transactions, including purchase transactions; • Online banking transfers, including online bill pay transactions; and • Mobile banking transfers, including Zelle® payment transactions.

Types of Electronic Funds Transfers. An “electronic funds transfer” is any transaction that is accomplished electronically to debit or credit a consumer account, as well as all transfers resulting from ATM or debit Card transactions. Examples of electronic funds transfers include the following: • Electronic funds transfers initiated by or to third parties (including preauthorized credits, debits, or payments); • Electronic transfers using your Account number, such as employer payroll, government benefits or other direct deposits or bill payments to third parties; • Telephone transfers; • ATM transfers; • Card transactions, including purchase transactions; • Online banking transfers, including online bill pay transactions; and • Mobile banking transfers, including Zelle® payment transactions.