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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
Digital Banking
The use of electronic devices, such as computers and smartphones, to access and manage one's bank account and carry out financial transactions.
Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
Education Savings Account (ESA)
A type of investment account designed to help families save for the future education expenses of a designated beneficiary.