Electronic funds transfer

Using computer-based systems, money may be transferred from one bank account to another, either inside a single financial institution or across a network of financial institutions, all without the need for direct involvement by bank personnel.

According to the Electronic Fund Transfer Act of 1978 of the United States, 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 authorising a financial institution to debit or credit a consumer's account."

In various nations and payment systems, electronic funds transfer (EFT) transactions are referred to by a variety of distinct terms. The term "electronic checks" or "e-checks" may be used in the United States to refer to them, for example. "Bank transfer" and "bank payment" are often used in the United Kingdom, while in many other European nations, the word "giro transfer" is commonly used.