This invention provides an improved electrically alterable read only memory system which includes a semiconductor substrate having a diffusion region therein defining one end of a channel region, a control plate, a floating plate separated from the channel region by a thin dielectric layer and disposed between the control plate and the channel region and means for transferring charge to and from the floating plate. A control gate is coupled to the channel region and is located between the diffusion region and the floating plate. The control gate may be connected to a word line and the diffusion region may be connected to a hit/sense line. The channel region is controlled by the word line and the presence or absence of charge on the floating plate. Thus, information may be read from a cell of the memory by detecting the presence or absence of charge stored in the inversion capacitor under the floating plate. The charge transfer means includes an enhanced conduction insulator and means for applying appropriate voltages to the control plate and to the control gate to transfer charge to and from the floating plate through the enhanced conduction insulator.