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Electronic funds transfer

From Wikipedia, the free encyclopedia

Electronic funds transfer (EFT) are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

According to the United States Electronic Fund Transfer Act of 1978 it is a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account. [1]

EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term.

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  • ✪ What is EFTS | Electronic funds Transfer Service
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Hello, this is Ricky with and today’s topic is: What is EFTS? EFTS stands for Electronic Funds Transfer System. It’s basically the transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems. The term covers a bunch of different types of transactions: Wire transfers Using a payment card such as a credit or debit card Direct deposit payments Direct debit payments, sometimes called electronic checks Anytime a business debits the consumer's bank account for payment of goods or services Electronic bill payment in online banking And Electronic Benefit Transfer (or) EBT cards. These are just a few examples of the many ways your customers can pay for your goods or services. EFTS is a fast and safe way to insure you get paid quickly with no worry of bounced checks or declined transactions. If you would like to begin accepting EFTS for your business, please come visit



EFTs include, but are not limited to: [1]

See also


  1. ^ a b "Electronic Fund Transfer Act" (PDF). Federal Reserve Board. 1978. Retrieved September 8, 2018.

External links

This page was last edited on 30 April 2019, at 10:52
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