Question

Electronic ____________ is a system in which funds are electronically transferred from a customer's checking account, eliminating the need to process a paper check.

a. fund transfer
b. check transfer
c. check conversion
d. teller system

Answer 1

Electronic funds transfer is a system in which funds are electronically transferred from a customer's checking account, eliminating the need to process a paper check.

Step-by-step explanation:

Electronic funds transfer is a system in which funds are electronically transferred from a customer's checking account, eliminating the need to process a paper check. The transfer can be made using a variety of electronic methods, such as debit cards, online banking, or mobile payment apps. For example, when a customer uses a debit card to make a purchase, the funds are immediately deducted from their checking account and transferred to the seller electronically.