Payment Glossary

EFT (Electronic Funds Transfer)

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.

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  • FTC (Federal Trade Commission)

    The Federal Trade Commission is an independent agency that advocates for consumer protection and the prevention anti-competitive business practices.

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  • OTS (Office of Thrift Supervision)

    The Office of Thrift Supervision, between 1989 and 2011, was a federal agency that regulated all savings banks (chartered and state-chartered), savings associations, and loans associations.

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