Electronic Funds Transfer (EFT)

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Electronic Funds Transfer (EFT)

The Electronic Fund Transfer Act (EFTA) (15 USC 1693 et seq.) of 1978 is intended to protect
individual consumers engaging in electronic fund transfers (EFTs). EFT services include transfers
through automated teller machines, point-of-sale terminals, automated clearinghouse systems,
telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remote
banking programs. The Federal Reserve Board (Board) implements EFTA through Regulation E,
which includes an official staff commentary

What are the two basic types of Electronic Funds Transfer (EFT) transactions?

EFT is a generic term for which there are two basic EFT transaction types:

1. 1. Wire transfers
   2. Automated Clearing House (ACH) transactions