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Definition. An electronic funds transfer (EFT) is the process of electronically moving money between accounts. Learn how it works, types of EFTs, and what the pros and cons are.
EFT stands for electronic funds transfer, a way to move money across an online network, between banks and people. Learn how EFT payments work, what types of EFT payments exist, and what...
The meaning of ELECTRONIC FUNDS TRANSFER is transfer of money from one bank to another using their computer systems. How to use electronic funds transfer in a sentence.
Federal law defines an electronic funds transfer as “any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.”
An electronic funds transfer (EFT), also known as a direct deposit, is the digital transfer of money between bank accounts. As digital transfers, they reduce the need for manual input and paper documents.
An electronic funds transfer (EFT), or direct deposit, is a digital money movement from one bank account to another. These transfers take place independently from bank employees. As a digital transaction, there is no need for paper documents.
The definition of an electronic funds transfer (EFT) is the digital movement of money between financial institutions, bank accounts, and people. Unlike paper methods, such as cash or checks, EFTs facilitate payments through an electronic network.