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.

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