Eft Transfer Meaning. Over the internet ie. Electronic funds transfers began in the 1960s but became widespread in the 1970s with the introduction of the automatic teller machine atm.
/ElectronicFundTransferAdobeStock_91053116-912781d9ce5b406192b7704d0bd1e91f.jpeg)
An eft transaction moves money from one account the sender or payer into another the receiver or payee. Essentially eft electronic fund transfer is used to move money from one account to another. Electronic funds transfer systems are used for payroll payments debit or credit transfers mortgage payments or other payments.
Electronic funds transfer or eft is the electronic transfer of money from one bank account to another either within a single financial institution or across multiple institutions through computer based systems and without the direct intervention of bank staff.
The accounts do not have to be at the same financial institution to transfer funds. Electronic funds transfer systems are used for payroll payments debit or credit transfers mortgage payments or other payments. An electronic funds transfer system efts is a transfer system in which money can be transferred to business or individual accounts without requiring paper money to change hands. Efts dont require paper or checks to transfer cash between accounts.