EFT (Electronic Funds Transfer)

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Related Terms

  • POS (Point-of-Sale)

    A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a...

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  • RCK (Re-presented Check)

    An additional presentment of an eligible returned paper check through the ACH network.

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