The following, by David Virtue, a very well-known Anglican writer and observer of the worldwide Anglican scene, says it pretty well IMHO--
"In the Thirty-Nine Articles of Religion, Anglican theology rejects both the errors of Transubstantiation and Zwinglian mere memorialism. Zwingliʼs ideas are rejected in Article XXV, "Sacraments ordained of Christ be not only badges or tokens of Christian menʼs profession, but rather they be certain sure witness, and effectual signs of grace (italics added). And Article XXVIII says, "The Supper of the Lord is not only a sign but rather it is a Sacrament...a partaking of the Body of Christ" (italics added). The Articles of Religion also reject the notion of "receptionism." Like "Calvinism" which is often confused with Zwingliism, receptionism is often misunderstood. The doctrine of receptionism comes not from John Calvin, but from Heinrich Bullinger. Bullinger was Zwingliʼs successor in Zurich, and served there for forty-four years, from 1531 to 1575. Bullingerʼs sacramental views matured over time, leaving behind Zwingliʼs teaching, but stopping short of the Real Presence of Christ in the Sacrament of Holy Communion.
"For Bullinger, like his predecessor Ulrich Zwingli, the sacramental signs, the bread and the wine, are not connected to the thing signified, the Body and Blood of Christ. Heinrich Bullinger taught a sort of parallelism. The sacramental signs are not merely signs, but rather are analogies of Godʼs gracious actions. They do not confer grace. The sacramental action and the divine action are separate, but parallel. As the believer receives the bread and wine with his mouth, he receives Christ in his heart by faith. This view is called "receptionism", and it is rejected in the Thirty-nine Articles. Article XXVIII teaches: "The Body of Christ is given, taken, and eaten, in the Supper," (italics added). Despite the teachings of Scripture and of Article XXVIII, receptionism historically has had influence among Anglicans. This is for three reasons. First, many have mistakenly believed that Richard Hooker, one of Anglicanism's greatest theologians, believed in it. Second, because Anglicanism teaches that the Body and Blood of Christ are received "only after an heavenly and spiritual manner" (Article XXVIII). And finally, because of a misunderstanding of Article XXIX, Of the Wicked, which eat not the Body of Christ in the use of the Lordʼs Supper."