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

  • On-Us Entry

    Occurs when both the receiver and originator of a transaction have depository accounts at the same depository financial institution.

    Learn More

  • OCR (Optical Character Recognition)

    A technology that enables you to convert different types of documents into editable and searchable data.

    Learn More