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Glossary and terms about credit cardsHome » Credit Card Glossary
Electronic Funds Transfer (EFT) ACT
Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper currency changing hands whatsoever. It refers to the overall, internationally-integrated, computer-based systems used to perform financial transactions electronically. One of the most common EFT programs is known as direct deposit, in which employment payrolls are deposited right into employees’ checking or savings accounts.
Related Terms:
Emancipated Minor