Skip to content

Is This an ACH Transaction?

Answered by: 

Question: 
Do ACH transactions include wire transfers and EFTs?
Answer: 

EFT is a generic acronym standing for Electronic Fund Transfer. In its generic form it includes ACH and wire transfers.

However, Regulation E limits its definition of covered EFTs to consumer account transactions, and further limits it by excluding wire transfers. It includes most ACH items posting to consumer accounts. A notable exception is the RCK transaction, which starts its life as a paper check.

So, some ACH transactions are EFTs; some EFTs are ACH transactions. But wire transfers are neither ACH nor EFT transactions from a regulatory perspective.

First published on BankersOnline.com 05/17/04

First published on 05/17/2004

Filed under: 
Filed under technology as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics