Electronic Fund Transfer

Electronic Fund Transfer (EFT) is a system that allows money to move electronically between bank accounts without physical cash or checks. When you pay a bill online, transfer funds between accounts, or use a debit card, EFT is at work. It relies on secure computer networks and automated processes to quickly and safely transfer funds, making financial transactions faster, more convenient, and reducing the need for paper-based methods. Essentially, EFT streamlines the movement of money electronically, simplifying how we pay, receive, and manage funds.