Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. EFTs are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.
The term covers a number of different payment systems, for example:
- cardholder-initiated transactions, using a payment card such as a credit or debit card
- direct deposit payment initiated by the payer
- direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services
- wire transfer via an international banking network such as SWIFT
- electronic bill payment in online banking, which may be delivered by EFT or paper check
- transactions involving stored value of electronic money, possibly in a private currency.
Are You Looking for Products
Here some products related to "Electronic Funds Transfer".
TurboTax Home and Busines..
Amprobe CO2-100 Handheld ..
Thermacell MR-BJE Mosquit..
Rebels at Work: A Handboo..
Get these at Amazon.com* amzn.to is official short URL for Amazon.com, provided by Bitly
Source of the article : here
EmoticonEmoticon