Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

electronic funds transfer

See FUNDS TRANSFER.

funds transfer

Also termed (specif.) electronic funds transfer (EFT). A payment of money from one person or entity to another; esp., the process by which payment is made through a series of transactions between computerized banking systems, beginning with an originator's payment order and ending when a final payment order is received by the beneficiary's bank. 0 Commercial or wholesale funds transfers are governed by Article 4A of the UCC. Consumer funds transfers are regulated by the federal Electronic Funds Transfer Act (15 USCA