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Electronic Funds Transfer (EFT)
A type of financial transaction that involves the movement of money between accounts using electronic communication.
More Details
Electronic funds transfer (EFT) is a term used to describe the process of transferring money electronically from one bank account to another, without the need for a physical check or cash.
Example
If you receive your paycheck via direct deposit instead of as a physical check, this is a form of electronic funds transfer.
Related Terms
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.
Refinance
The process of paying off an existing loan with a new loan, typically in order to obtain a lower interest rate or to change the terms of the loan.
Balance Transfer
A financial transaction in which an individual moves their outstanding credit card balance to a new card.

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