What are some examples of electronic fund transfer (“EFT”) systems?
EFT systems include: Automated Teller Machines (“ATMs”) Consumers can do their banking without the assistance of a teller, to get cash, make deposits, pay bills, or transfer funds from one account to another electronically. These machines are used with a debit or EFT card and a code, which is often called a personal identification number or “PIN.” Point-of-Sale (“POS”) Transactions Some debit or EFT cards (sometimes referred to as “check cards”) can be used when shopping to allow the transfer of funds from the consumer’s account to the merchant’s. To pay for a purchase, the consumer presents an EFT card instead of a check or cash. Money is taken out of the consumer’s account and put into the merchant’s account electronically. Preauthorized Transfers This is a method of automatically depositing to or withdrawing funds from an individual’s account, when the account holder authorizes the bank or a third party (such as an employer) to do so. For example, you can authorize direct electronic
