Electronic Fund Transfer - What is mean by electronic fund transfer?

Q: What is mean by electronic fund transfer?

Electronic Funds Transfer, or EFT, is a means to transfer money electronically from one banking institution to another. This is accomplished without having paper money or checks exchanging hands. One of the most commonly known application of EFT is direct deposit.

Answer

One way to move money electronically between banks is through an Electronic Funds Transfer, or EFT. The use of physical currency, such as checks or paper money, is unnecessary for this to occur. Among the many well-known uses of EFT, direct deposit stands out.

Electronic Fund Transfer - What is mean by electronic fund transfer?

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