Electronic Funds Transfer

Electronic funds transfer eft is an easy secure and efficient way to transfer money online between your bank and fidelity without deposit slips stamps or checks.

Electronic funds transfer. Eft transactions are also referred to as electronic banking. One of the most widely used eft programs is direct deposit through which payroll is deposited straight into an employee s bank account. What is the electronic funds transfer act. Its popularity and preferred way of doing business is.

Electronic funds transfer eft is a system of transferring money from one bank account directly to another without any paper money changing hands. Electronic funds transfer is the electronic transfer of money from one account to another using computer systems instead of paper documents. The accounts can be at the same financial institution or two different financial institutions. The transaction is done electronically over a computerized network.

The electronic fund transfer act efta is a federal law that protects consumers when they transfer funds electronically including the use of debit cards automated teller machines atms and. According to the united states electronic fund transfer act of 1978 it is a funds transfer initiated through an electronic terminal.