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E

E-Com

Electronic Commerce (business conducted on the internet).

EBT

Electronic Benefit Transfer (EBT) is an electronic system that allows a recipient to authorize transfer of their government benefits from a Federal account to a retailer account to pay for products received. EBT is currently being used in many States to issue food stamp and other benefits. EBT has been implemented in all States since June of 2004.

ECK (Electronic Check)

A payment transaction which originally started out as a paper check, but which has been completely converted to an ACH transaction at the point of purchase(POP) or in the case of a redeposit paper check (RCK), reinsertion into the financial system. The original paper item is either returned to the check writer at the point of purchase or retained by the collection agency.

Electronic Funds Transfer

Any transfer of funds initiated through a terminal, telephone, computer or magnetic tape for the purpose of instructing or authorizing a financial institution to debit or credit an account.

Electronic Funds Transfer Act

The law passed by the US congress in 1978, which set out the rights and obligations of consumers and their financial institutions regarding the use of electronic systems to transfer funds. This act is implemented in the Federal Reserve Bank's Regulation E.

Entry

An electronic item representing the transfer of funds in the ACH system.

Exception item

Any entry that requires special attention or processing, such as return entries, stop payments, notifications of change, dishonored returns, etc.

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