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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
Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
APY
APY, or annual percentage yield, is the rate of dividends earned on a credit union account over a year, taking into account the effect of compounding.