Electronic funds transfer (definition)

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}
State Law
	California
		means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape, so as to order, instruct, or authorize a financial institution to debit or credit an account California Insurance Code 45
		means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to credit or debit an account California Revenue and Taxation Code 2503.1
	Indiana
		has the meaning set forth in Indiana Code 33-38-6-2.5, Indiana Code 36-8-8-1.5
		means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, a telephone, or a computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account Indiana Code 33-32-4-1
	Iowa
		means a remote electronic transmission used for ordering, instructing, or authorizing a financial institution to apply money to or credit the account of the payee and debit the account of the payer Iowa Code 159.32
		means a remote electronic transmission used for ordering, instructing, or authorizing a financial institution to pay money to or credit the account of the payee and debit the account of the payer Iowa Code 203.1
		means the same as defined in section 203 Iowa Code 203C.1
	Maine
		means a transaction using an electronic device for the purpose of ordering, instructing or authorizing a financial institution to debit or credit an account Maine Revised Statutes Title 8 Sec. 371
		means the use of an electronic device for the purpose of ordering, instructing or authorizing a financial institution or credit union to debit or credit an account Maine Revised Statutes Title 28-A Sec. 2
	Montana
		means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account Montana Code 32-6-103
		means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account Montana Code 15-70-112, Montana Code 15-1-801