banking

What is an electronic funds transfer?

 

What is an electronic funds transfer?

The Bankrate.com financial term of the day is: "Electronic Funds Transfer" or "EFT"

Money used to move around primarily in physical forms, namely cash and checks. Now, the movement of money can simply be a matter of computers talking to one another. An electronic funds transfer, or EFT, sends money from one account to another via automated teller machines and other electronic systems.

An electronic funds transfer, or EFT, sends computerized currency from one account to another automatically.

To find the perfect bank account, visit the Bank Accounts section at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
advertisement
advertisement

Blog

Tara Baukus Mello

VW to spend up to $15B to buy back diesel cars

As part of the 2 settlements, Volkswagen will spend up to $14.7 billion to customers.  ... Read more

advertisement

Connect with us