The official business definition of Payment Method Eft, or Electronic Funds Transfer (EFT), is a system that allows for funds to be electronically transferred from one account to another. It is a secure, reliable, and efficient way to transfer funds quickly and easily. EFT is used in a wide variety of financial transactions, including direct deposits, e-commerce purchases, and automatic bill payments. It allows for funds to be transferred without the need for paper checks, cashier’s checks, or money orders.
EFT is regulated by the Electronic Fund Transfer Act of 1978, which establishes consumer rights and responsibilities when using electronic fund transfers, as well as the guidelines for financial institutions. Additionally, the National Automated Clearinghouse Association (NACHA) governs e-commerce and other electronic payment transactions, setting industry standards and regulations.
EFT has become increasingly popular