Electronic Funds Transfer (EFT)

The Electronic Funds Transfer (EFT) is a transaction of funds from one bank account to another using electronic systems. It can be used for various purposes, including direct deposits, bill payments, and wire transfers, often through online banking, mobile apps, or ATMs.

The transfer is routed and settled between banks, with funds deducted from the sender’s account and deposited into the recipient’s account.

EFTs eliminate the need for paper-based transactions and allow quicker transfer between accounts.