--%>
Assignment Help - homework help

Meaning of Electronic Fund Transfer

What is the meaning of Electronic Fund Transfer. Briefly describe it.

E

Expert

Verified

Meaning of Electronic Fund Transfer:

You would definitely buy something online. At that time, you pay with your credit or debit card. In fact, at that time, you are doing electronic funds transfer. In easy words, electronic funds transfer signifies the online and computer transfer of money from one bank account to another bank account. According to EFT Act of USA, bank is not accountable for unauthorized withdrawals, when EFT card is lost or stolen by the customer. However when financial institution fails to transfer fund appropriately as per term and conditions of consumer, that financial institution is accountable for paying  penalty plus that short amount.

   Related Questions in Financial Accounting

  • Q : Firms attaining the U.S. firms

    Presently, several foreign firms from both the developed and developing countries attained high-tech U.S. firms. What would have motivated these firms in order to attain the U.S. firms?

    		•
  • Q : European Monetary System Discuss the

    Discuss the workings and arrangements of European Monetary System (EMS).

    		•
  • Q : What is Bond market What is Bond market

    What is Bond market and how it execute?

    		•
  • Q : State Return on Investment or ROI

    Return on Investment (ROI): It is a performance measure employed to calculate the efficiency of an investment or to compare the effectiveness of a number of various investments. To compute ROI, the advantage (return) of an investment is divided by the

    		•
  • Q : Call Option-Out of the money Explain

    Explain the terminology that an option is in-, at-, or out-of-the-money?

    		•
  • Q : Claim depreciation When an asset is

    When an asset is purchased and the similar is not employed for the financial year, must the company charge the depreciation and the reason for the similar?

    		•
  • Q : Define uniform cost manual Give a brief

    Give a brief introduction of the term ‘uniform cost manual’. And also write down its different contents?

    		•
  • Q : Legal Reasoning and Writing This

      This exercise does not require you to do any research, and does not require you to cite to any references or external materials.  Do not include any constitutional arguments. Like many legal and policy questions

    		•
  • Q : Concessionary loan with APV model State

    State nature of the concessionary loan and explain how it is handled within the APV model?

    		•
  • Q : Calculate the bad debt expense for the

    The Webster Company uses the aging method to estimate the allowance for doubtful accounts. The following schedule of accounts receivable was prepared as at December 31, 20x6: Age Balance %

    		•