Transfer funds
Electronic transfer fund is the present method of performing financial transactions .It works with the help of the computer based systems, which are used to perform financial transaction electronically.The term can be used to explain a number of concepts like electronic cheque clearing, cardholder initiated transactions and electronic payments for business purpose.
Electronic funds transfer systems are more popular as EFTS . They are comprised of a number of financial transaction systems.Under this, the transfer funds of all the major banks and transfers of the Federal Reserve banks are included.The Federal Reserve banks have their own network for supporting there activities.The EFT systems operate with the help of different technologies, which help in forming the network of banking transactions.The technologies used are a range of mini and micro computers.These systems are used by a variety of different financial institutions depending upon the requirements.
The US government has resolute that the electronic funds transfer system must be offered by all types of banking and financial establishments.The electronic transfer fund system provides with ease and effectiveness to the clients to perform financial transactions.The Federal Electronic Fund Transfer Act of 1693, as per its regulation E, the provisions deal with most of the consumer issues with relations to these systems.Today electronic banking has evolved to a great extent.The electronic transfer fund has also grown in the past few years, which has consequently caused a number of changes in the regulatory and legal sectors.The banking attorneys and the financial organizations have been analyzing changes in the compliance and business concerns.The constant evaluation and monitoring of electronic funds transfer systems has helped in preventing EFT thefts and frauds.
The law of the Electronic Transfer Funds helps in regulating the modern business technical improvements and for setting the standards .The law offers expert advice to all the oversea financial institutions, which have EFT systems installed.This helps in the improvement of the productivity and the competence of the network and the system."> The law provides with provisions, clauses and guidelines on electronic fund transfer payment system issues.It provides with a realistic and useful views. It also offers the individuals with an easy explanation of all the legal duties, rights and the liabilities of the financial institutions.
An EFT can be initiated by a cardholder, in case the individual is making a payment by means of a card such as credit card or a debit card .This transaction can be conducted at a point of sale or at the automated teller machine (ATM).In case the card is not present; it can be conducted by mail order or by telephone order or by internet purchase.The card EFT transactions are covered under the ISO 8583 standard.The types of transactions which can be performed include:
Cash back
Sale
Refund
Deposit
Withdrawal
Administrative
Inquiry
Inter account transfer
Payment
Overview
EFTS is the latest method of making transactions.It is easy, convenient and beneficial to all the people in the society.The transaction type depends on the terminal from where the transactions are being conducted.For example the transactions which will be conducted at a POS terminal are different from those conducted at the ATM.
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