Payment Glossary

EFTA (Electronic Fund Transfer Act)

The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

Related Terms

  • BOC (Back Office Conversion)

    A BOC entry is a one time debit entry to the account of a receiver whom has, at the point of purchase, been notified that their check...

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  • RDFI (Receiving Depository Financial Institutions)

    A financial institution qualified by the National Automated Clearing House Association (NACHA) to receive ACH transactions.

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