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Funds Transfer example. According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account ...
The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities. [1] The act's provisions were implemented through Federal Reserve Board Regulation E.
Other forms of electronic transfers include, for example, electronic funds transfer system (EFTS). This is the system used to transfer money from a bank account to another party. It is also the system used in some payments made via a bank's online bill payment service.
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Select transfer funds: Choose the option to transfer money. Enter the routing number and account number: These should be the bank routing and account numbers for the person receiving the money.
This page was last edited on 6 September 2022, at 19:41 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
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