Start free trial
Take Naologic for a spin today, no credit card needed and no obligations.
Start free trial

Electronic Fund Transfer - How does the electronic fund transfer work?


Sending money from one bank account to another is the job of an electronic fund transfer. The banks involved need not be the same, or even distinct, financial institutions to hold the accounts. A computerized network is utilized to complete the transaction. Electronic funds transfers (EFTs) are often known as online banking.