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electronic funds transfer system coverage (EFT)

Electronic funds transfer (EFT) system coverage is a financial institution crime coverage that relates to the erroneous transferring of funds to or from the checking or savings account of a customer based upon instructions fraudulently transmitted by a nonemployee.

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The fraudulent transfer instructions rider used with the Surety & Fidelity Association of America (SFAA) financial institution bond for banks provides coverage for loss due to the bank having transferred money in reliance on fraudulent instructions transmitted via telephone, fax, or email.