CFR > Title 48 > Chapter 1 > Subchapter E > Part 32 > Subpart 32.11 – Electronic Funds Transfer
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Terms Used In CFR > Title 48 > Chapter 1 > Subchapter E > Part 32 > Subpart 32.11 - Electronic Funds Transfer
- Contract: A legal written agreement that becomes binding when signed.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC