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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.
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Merchant
A merchant is business that exchanges goods for monetary funds.
Related Terms
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TEL (Telephone Initiated Entries)
A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over...
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