Electronic Funds Transfer. Any transfer of funds that is initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape.

Use EFT in a sentence

It may be easier to make an EFT in some cases when you are doing business with someone that is far away.

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I used my debit card to preform an EFT and pay for my goods at the store rather than having to pay in cash.

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Fred wanted to start a new IRA, and mailing a check would be too much trouble, so he set up an EFT transaction between his bank and his brokerage.

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efflux EFTA