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).
The routing number (also referred to as RTN, routing transit number, ABA or bank routing number) is a nine-digit numeric code printed on the bottom of checks. This number is used to facilitate the electronic...
Requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.