Difference between revisions of "Electronic Funds Transfer"
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Latest revision as of 14:44, 13 February 2020
Definition
Electronic Funds Transfer. (EFT) It refers to any transfer of funds initiated digitally, including card payments, automatic teller machine (ATM) withdrawals, point-of-sale (POS), and debit transfers without requiring the intervention of a financial institution staff.
These transactions can take place within the same organization, or across accounts spread between one or more financial institutions in the financial network.