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 Transfer (EFT) refers to the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems. Mail-in cheques do not fall under EFT because they involve a physical paper instrument and require manual processing, unlike the direct electronic movement of funds facilitated by options A, B, and D.

Which of the Following Transactions Are NOT Covered by the Term