Electronic Funds Transfer (EFT)

Electronic Funds Transfer (EFT) is a secure, digital method of transferring money between bank accounts without using physical cash or checks. It enables individuals and businesses to send and receive funds electronically through computers or electronic devices. EFT is commonly used for direct deposit of payroll, online bill payments, and debit or credit card transactions. It offers a quick, safe, and efficient alternative to traditional methods, reducing delays and minimizing the risk of theft or loss. Essentially, EFT moves money electronically, making financial transactions faster and more convenient for users.