what is EFT?

Answer 1

Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.

A number of transaction types may be performed, including the following:

Sale: where the cardholder pays for goods or service.
Refund: where a merchant refunds an earlier payment made by a cardholder.
Withdrawal: the cardholder withdraws funds from their account, e.g. from an ATM. The term Cash Advance may also be used, typically when the funds are advanced by a merchant rather than at an ATM.
Deposit: where a cardholder deposits funds to their own account (typically at an ATM).
Cashback: where a cardholder withdraws funds from their own account at the same time as making a purchase.
Inter-account transfer: transferring funds between linked accounts belonging to the same cardholder)
Payment: transferring funds to a third party account
Inquiry: a transaction without financial impact, for instance balance inquiry, available funds inquiry, linked accounts inquiry, or request for a statement of recent transactions on the account.
Administrative: this covers a variety of non-financial transactions including PIN change.

Answer 2

Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.

The term is used for a number of different concepts:

* cardholder-initiated transactions, where a cardholder makes use of a payment card
* electronic payments by businesses, including salary payments
* electronic check (or cheque) clearing

Answer 3

Or "Exchange Traded Funds", like a mutual fund that can be traded through a brokerage account.

Answer 4

electronic fund transfer. Funds come directly out of you bank account