BANKING AFFAIRS

Detailed explanation-1: -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-2: -A bank transfer is a transaction that moves money from one bank account to another, either electronically or via a check. A bank transfer can be internal, meaning the transfer occurs between accounts at the same bank, or external, with funds transferred between accounts at two different banks.

Detailed explanation-3: -What is an EFT payment? An Electronic Funds Transfer (EFT) or a direct deposit allows companies to streamline their payables and receivables for everything like invoices from service providers to employee salaries through easy payments between different users’ bank accounts in Canada.

Detailed explanation-4: -Electronic funds transfers allow you to digitally move money across an online network, either between banks or person to person. As the transfers are digital, there’s no need for paper documents. This speeds the process up considerably and makes EFTs more accessible than some alternative methods of sending money.

Detailed explanation-5: -Examples of common electronic funds transfer transactions include the following: Automatic teller machines (ATM) Direct deposit payroll systems. Direct payments between buyer-seller businesses.