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

  • ATX (Financial EDI Acknowledgement)

    An ATX entry is an acknowledgement by the receiving depository financial institution (RDFI) confirming the receipt of a corporate trade exchange (CTX) credit entry.

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  • Demand Deposit Account

    Traditional savings and checking accounts are generally demand deposit accounts.

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