Electronic Funds Transfer


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

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I have my paychecks set up for direct deposit, these electronic funds transfers save me time by not having to go to the bank.

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Instead of paying for my new car with cash, I had my bank Initiate an Electronic Funds Transfer with the dealership to pay for my car.

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Electronic Funds Transfer (EFT) is the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one's own account to deposit without the use of slips. stamps, checks etc.

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