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.

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