FUNDS TRANSFER

funds transfer.A payment of money from one person or entity to another; esp., the process by

which payment is made through a series of transactions between computerized banking systems,

beginning with an originator’s payment order and ending when a final payment order is received

by the beneficiary’s bank. • Commercial or wholesale funds transfers are governed by Article 4A

of the UCC. Consumer funds transfers are regulated by the federal Electronic Funds Transfer Act

(15 USCA §§ 1693 et seq.). — Also termed (specif.) electronic funds transfer (EFT). [Cases:

Banks and Banking 188.5. C.J.S. Banks and Banking §§ 445–451.][Blacks Law 8th]