Electronic Fund Transfer (EFT)

Electronic Fund Transfer (EFT) is a digital method of transferring money from one bank account to another without physical cash or checks. Commonly used for direct deposits, bill payments, and online purchases, EFT streamlines transactions by allowing funds to move electronically through secure networks. This process is typically faster and more convenient than traditional methods, often completed within hours or even instantaneously. EFT enhances financial efficiency for both individuals and businesses, making payment management simpler and more accessible in today's digital economy.