Question

what are few features of electronic fund transfer system in points?​

Answer 1

• Electronic funds transfer (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.

• According to the United States Electronic Fund Transfer Act of 1978 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 authorizing a financial institution to debit or credit a consumer’s account.

• EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks".
• In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term.

Answer 2

Answer:

electronic funds transfer are electronic transfer of money from one bank account to another either within a single financial institution