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

  • BOC (Back Office Conversion)

    A BOC entry is a one time debit entry to the account of a receiver whom has, at the point of purchase, been notified that their check...

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  • CCD (Corporate Credit or Debit)

    A CCD entry is a credit or debit entry where funds are being transferred between two corporate entities.

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