What Is an Electronic Check? An electronic check, or e-check, is a form of payment made via the Internet, or another data network, designed to perform the same function as a conventional paper check. Since the check is in an electronic format, it can be processed in fewer steps. Additionally, it has more security features
What Is the Electronic Fund Transfer Act (EFTA)? The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they transfer funds electronically, including through the use of debit cards, automated teller machines (ATMs), and automatic withdrawals from a bank account. Among other protections, the EFTA provides a way to correct transaction errors and
What Is Electronic Money? Electronic money refers to money that exists in banking computer systems that may be used to facilitate electronic transactions. Although its value is backed by fiat currency and may, therefore, be exchanged into a physical, tangible form, electronic money is primarily used for electronic transactions due to the sheer convenience of
What is Electronic Municipal Market Access (EMMA)? The Electronic Municipal Market Access (EMMA) service is a website created to provide information about municipal bonds, bond prices, and market trends to the public. Key Takeaways Electronic Municipal Market Access (EMMA) service is a website created to provide information about municipal bonds, bond prices, and market trends
What Is an Electronic Transfer Account (ETA)? An electronic transfer account (ETA) is a bank account for federal payment recipients who do not have checking or savings accounts. ETAs provide an alternative to receiving federal payments by check for Social Security, SSI, and the Railroad Retirement Board. ETAs are also available for Office of Personnel
What Is an Eligible Contract Participant? An eligible contract participant (ECP) is an entity or individual allowed to engage in certain financial transactions that are not open to the average investor. ECPs are often corporations, partnerships, organizations, trusts, brokerage firms, or investors that have total assets in the millions. There are very stringent requirements before
What Is an Eligible Rollover Distribution? An eligible rollover distribution is a distribution from one qualified retirement plan that is able to be rolled over or transferred to another eligible plan. By rolling over the funds in the plan to another type of individual retirement account (IRA), the participant avoids paying taxes on the distribution.
Who Is E. Linn Draper Jr.? Ernest Linn Draper Jr. is the former chair, president and chief executive officer of American Electric Power (AEP), a public utility holding company based in Ohio that serves 11 states. Linn became the company’s leader in 1992 and announced his retirement in April 2003. He relinquished his position as president
Elinor Ostrom was a political scientist who in 2009 became the first-ever woman to receive the prestigious Nobel Memorial Prize in Economic Sciences, along with economist Oliver Williamson. Ostrom was awarded the accolade for her research analyzing economic governance, with a focus on managing finite common-pool resources within a community. These finite resources are referred
What Is Elite Status? Elite status is a classification made by a company or organization for their clientele as a preferred customer. It is most commonly used as a part of an airline or hotel rewards program. Elite status comes with benefits that are not available to the general public or are only available for
