The type of bond formed when atoms transfer electrons is called an ionic bond. In ionic bonding, one atom donates electrons to another, leading to the formation of charged ions: cations (positively charged) and anions (negatively charged). The electrostatic attraction between these oppositely charged ions results in the formation of compounds, commonly seen in salts like sodium chloride. Ionic bonds contribute to the stability and structure of various substances, playing a fundamental role in chemistry and material science.