ATM operator is any person that operates an ATM at which a consumer initiates an EFT or a. balance inquiry and that does not hold the account to or from which the transfer is made or about. which the inquiry is made. (Section 205.16(a)). Electronic funds transfer (EFT) is a transfer of funds is initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.