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1. A source or stock of something: "She had a vast fund of knowledge."
2. A sum of money saved or invested for a particular purpose: "They have started an education fund for their children."
3. An organization that manages a sum of money for a particular purpose; especially, for monetary investments.
Word Entries containing the term:
electronic funds transfer system, EFTS (s) (noun)
, electronic funds transfer systems (pl)
1. A payment system in which the processing and communications necessary to effect monetary exchanges and the processing and communications necessary to effect financial exchanges and the processing and communications necessary for the production and distribution of the services that are incidental or related to the exchanges are dependent completely or in a large part on the use of electronics.
2. Electronic banking transactions conducted through computerized systems; such as, electronic funds transfer by automated-teller machines, intended to speed operations, to reduce costs, etc.
A customer inserts a magnetically encoded plastic card into the terminal, and then presses the appropriate keys to make deposits or withdrawals, transfer money to pay bills, and even to borrow money.
Such financial exchanges are dependent wholly or in a large part on the use of electronics.
electronic funds transfer, EFT
1. The use of telecommunications networks to transfer funds from one financial institution; such as, a bank, to another bank, or to withdraw funds from one's own account to deposit in a creditor's account.
2. A system for transferring monetary funds from one account or location to another one by computer.