Book transfer definition
/What is a Book Transfer?
A book transfer is the transfer of the legal right of ownership of an asset, without physically shifting the asset to the new owner.
Example of a Book Transfer
Here are several examples of book transfers:
Intra-bank account transfers. The most common use of the book transfer concept is when a bank transfers funds from the account of the payer to the account of the payee when both accounts are with the same bank. These transfers may be finalized almost instantly, making the transferred funds available to the recipient on a same-day basis.
Common owner transfers. A book transfer occurs when the owner of a checking account moves funds from that account to a savings account at the same bank. The owner can then access the shifted funds almost immediately.