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

  • Demand Deposit Account

    Traditional savings and checking accounts are generally demand deposit accounts.

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  • FDCPA (Fair Debt Collection Practices Act)

    Approved in 1977, the Fair Debt Collection Practices Act allows for legal consumer protection against abusive debt collection practices.

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