EFT

Electronic Funds Transfer

EFT is a broad term for any transfer of money from one bank account to another through electronic means, without the direct involvement of bank staff. It includes ACH transfers, wire transfers, and card payments.

EFT has largely replaced paper-based payment methods for most transactions. On your bank statement, EFT entries can include direct deposits, automatic bill payments, ATM withdrawals, and point-of-sale purchases. In Canada, Interac e-Transfer is a common EFT rail, and consumer protections are covered by Regulation E.

Related Terms

ACH

Automated Clearing House

ACH is an electronic network for financial transactions in the United States. It processes large vol...

Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...

Direct Deposit

Direct deposit is an electronic payment method where funds are deposited directly into a checking ac...

Direct Debit

Direct debit is an authorized withdrawal from a bank account, typically set up for recurring payment...

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