electronic funds transfer: Meaning and Definition of

electron'ic funds' trans"fer

Pronunciation: [key]
  1. the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one's own account to deposit in a creditor's. Abbr.: EFT
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.