The type of bond that forms when electrons are completely transferred from one atom to another is called an ionic bond. In this process, one atom loses electrons, becoming a positively charged ion (cation), while another atom gains those electrons, becoming a negatively charged ion (anion). The electrostatic attraction between the oppositely charged ions creates a strong bond, commonly found in compounds like sodium chloride. Ionic bonds are essential in forming many salts and compounds with distinct properties.