the system whereby funds are moved between computer terminal

the system whereby funds are moved between computer terminals without use of checks is
select one
a electronic funds transfer
float
a lock box system
magnetic character recognition

Solution

Answer: A electronic funds transfer.

This happens through internet; hence only computer terminals are involved.

Other Options:

Float is the difference between book cash balance and cash balance as per bank\'s books.

A lock box system is a system for speeding up physical handling and banking of checks.

Magneticl character recognition is a system where the computer reads matter written in magnetic ink.