Which of the following transactions are NOT covered by the term "electronic funds transfer"?
A) prepaid smart cards
B) debit and credit card transactions
C) mail-in cheques
D) electronic bill payments using on-line banking

Question

Quizplus · Accepted Answer

Electronic funds transfers involve the transfer of funds through electronic means, such as wire transfers, ACH transfers, and online banking transactions. Prepaid smart cards, debit and credit card transactions, and electronic bill payments are all examples of electronic funds transfers. However, mail-in cheques involve physical paper checks, and are not considered electronic funds transfers.

Which of the Following Transactions Are NOT Covered by the Term