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

  • ARC (Accounts Receivable Entry)

    An ARC entry is a one time debit entry to the account of a receiver whom has previously been notified that their check (source document) will be...

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  • Settlement Date

    The date an exchange of funds will be reflected on the books of the Federal Reserve Bank.

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