### Question
How does the law define electronic funds transfer?


### Answer
Under *31 U.S.C. § 3332*, **electronic funds transfer** is defined as:

> any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, that is initiated through an electronic terminal, telephone, computer, or magnetic tape, for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account

#### Citation:
  - *31 U.S.C. § 3332*
  - Heading: **SUBTITLE III-FINANCIAL MANAGEMENT > CHAPTER 33-DEPOSITING, KEEPING, AND PAYING MONEY > SUBCHAPTER II-PAYMENTS**

