An example of electronic funds transfer is
A) a transfer of funds without the use of paper cheques.
B) a transfer of funds by writing a cheque.
C) the same as a deposit in transit.
D) All of these are correct.

Question

Quizplus · Accepted Answer

Electronic funds transfer refers to the transfer of funds through electronic channels without the need for paper cheques. Option B is incorrect as writing a cheque involves the use of paper. Option C is also incorrect, as a deposit in transit refers to a cheque that has been received by a company, but not yet processed by the bank.

An Example of Electronic Funds Transfer Is