1. In combination in a system for electronic transfer of funds, the system comprising means for a payor to designate payee and payor information, including a transaction amount a payor account code is to be debited and payee account code is to be credited and a personal identification code of the payor, means to transfer payee and payor information to a central receiving facility, means for entering payee information, including payee account code, payee account code destination and payor information, including payor account code, payor account code destination, payor's personal identification code and the transaction amount into a record capable of being processed by an automated clearing house, means for transmitting the record to an automated clearing house for processing and further transmission to payor account code destination, means for receiving the processed automated clearing house record at the payor account code destination, means for verifying that the transaction amount is in the payor account code and if the amount is present, debiting the payor account code with the transaction amount, means for the payor account code destination to then designate the payee account code destination in the automated clearing house record, means for transmitting the automated clearing house record to the automated clearing house for further transmission to to the payee account code destination, means for receiving the automated clearing house record at the payee account code destination and crediting the payee account code with the transaction amount.