BANKING AFFAIRS

Detailed explanation-1: -An EFT is used to electronically transfer money from one bank account to another. Some examples of EFT are National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS).

Detailed explanation-2: -Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

Detailed explanation-3: -ATM transactions ATM stands for Automated Teller Machine. These are electronic banking machines that let customers access cash, complete transactions, pay bills, and transfer between accounts with debit/credit cards.

Detailed explanation-4: -Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking. Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.

Detailed explanation-5: -They function just like paper checks, but without the paper. You must input your routing number and bank account number into an EFT payment service to successfully complete a transaction.