<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> According to the Electronic Fund Transfer Act an Electronic funds transfer (EFT) 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 authorizing a financial institution to debit or credit a consumer's account . </P> <P> EFT are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer - based systems, without the direct intervention of bank staff . </P>

What is the meaning of electronic fund transfer