Electronic Funds Transfer EFT

What is an Electronic Funds Transfer EFT?

An electronic funds transfer EFT is an electronic transfer of money from one account to another through a computer system. The use of electronic funds transfers EFT has grown since the internet popularized the use of online payments.

As the transaction takes place electronically there is no need for any paperwork, reducing administration costs and simplifying bookkeeping.

For further information on electronic funds transfers EFT see the Wikipedia definition.

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Last modified March 23rd, 2016 by Team

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