UK Accounting Glossary
Electronic funds transfer, or EFT, is a system for transferring money from one bank to another. In electronic funds transfer, there is no paper money involved. With electronic funds transfer, dollar amounts are transferred via the Automated Clearing House network, a system connecting all financial institutions in the United States. Funds can be transferred via credit card, various point-of-sale transactions, an ATM, or direct deposit (an employee payroll option utilizing electronic funds transfer). Electronic funds transfer is popular as a way to pay bills, and also to purchase shares of certain investments, such as stocks and mutual funds. To participate in electronic funds transfer as a way to buy investments, one must first elect this option on one’s account form.
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This glossary post was last updated: 9th February 2020.