- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Credit Cards
- Lending Services
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Schedule an Appointment
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
Overdraft Line of Credit
A loan tied to a checking account that can be used to cover transactions that exceed the available balance in the account.
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.
ACH
Acronym for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers.

Previous Menu

-jpg.jpeg?width=312&height=170&name=04_09_26_auto_loan_header%20(2)-jpg.jpeg)




