| Abstract: | Electronic Funds Transfer (EFT) is described by the US National Commission on EFT as a sophisticated electronic technology used to conduct many of the daily financial transactions in our society presently being provided for by cash and checks. Recent trends in electronic banking provide the consumer with such new choices as having access to his/her checking (current) account or savings (deposit) account 24 hours a day, paying bills by phone and having paycheques deposited by the employer directly into a bank account. The Commission states that ‘EFT systems and services represent an alternative that will operate side-by-side with the traditional cash and check payment systems.’ A summary of the findings of the US National Commission on EFT is presented below. |
