### Question
How is the "electronic fund transfer" defined?


### Answer
The term **electronic fund transfer** is defined in *26 U.S.C. § 5061* as follows -

> any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account

#### Citation:
  - *26 U.S.C. § 5061*
  - Heading: **Subtitle E-Alcohol, Tobacco, and Certain Other Excise Taxes > CHAPTER 51-DISTILLED SPIRITS, WINES, AND BEER > Subchapter A-Gallonage and Occupational Taxes > PART I-GALLONAGE TAXES > Subpart E-General Provisions**

