(EFT) Electronic Funds Transfer

Electronic Funds Transfer (EFT) is a type of financial transaction in which money is transferred electronically from one bank account to another. It is a convenient and secure way to move funds without the need for physical checks or cash. EFT transactions can be initiated through various channels such as online banking, mobile banking, automatic bill payment, direct deposit, and more. Some common examples of EFT transactions include direct deposit of payroll, automatic bill payment for utilities, and online purchases. These transactions are processed through a network of financial institutions, which facilitates the transfer of funds from the sender's account to the recipient's account.