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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
ACH
Acronym for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers.
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.
Bankruptcy
A legal process in which an individual or business has their assets liquidated or restructured in order to pay off creditors.