Glossary

Electronic Funds Transfer (EFT)

Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions. Two main EFT remittance methods are wire transfers and automated clearing house (ACH).

Related Terms

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  • Correspondent Banking

    A relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services.

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