Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. EFTs are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks. The term covers a number of different payment systems, for example: \n* cardholder-initiated transactions, using a payment card such as a credit or debit card \n* direct deposit payment initiated by the payer \n* direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services \n* wire transfer via an international banking network such as SWIFT \n* electronic bill payment in online banking, which may be delivered by EFT or paper check \n* transactions involving stored value of electronic money, possibly in a private currency.

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