EFT is acronym for Electronic Funds Transfer which refers to the use of telecommunications networks to transfer funds from one financial institution, such as a bank, to another, or to withdraw funds from one’s own account to deposit in a creditor’s account.
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electronic funds transfer
Learn about “electronic funds transfers” and how they work. You may not know it, but you probably use electronic funds transfers weekly, even if you don’t have a regular bank account. Many second chance banks use electronic funds transfers almost exclusively.