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September 1976

Development of Electronic Funds Transfer Systems

by William C. Niblack

Developments in electronic funds transfer systems (EFTS) have long been a popular topic of discussion in banking circles, but as the above quotation from a national business magazine indicates, the subject now enjoys even wider currency. Although it does not appear likely that we are on the threshold of “the checkless-cashless society,” recent developments have been so rapid that predictions of future developments and effects of EFTS often seem foolhardy at best.