Electronic Funds Transfer

Definition

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

Use this term in a sentence

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

​ Was this Helpful? YES  NO 9 people found this helpful.

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.

​ Was this Helpful? YES  NO 8 people found this helpful.

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.

​ Was this Helpful? YES  NO 11 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
for the benefit of Corporate Trade Payment (CTP)