What Is EFT

EFT (electronic funds transfer) refers to monetary transfers between different accounts via electrical signals and secured codes. These electric payments are a fairly new means of money transfer, and can be used to pay taxes, make personal, and company payments. Electronic funds transfer systems, include a large number of financial transaction systems. These include fund transfers amongst major banks and transfers among the Federal Reserve Banks through their private network. They are commonly termed as Fed Wire transfers. Other financial institutions are also encouraging the use of EFT. ACH-Debit and Credit departments honor the use of EFT.

EFT permits ISA+ payees to authorize direct premium payments from their bank accounts. This is feasible for the government as well as account holders. It is a time saving system, and charges to clear EFT payments are lower than check clearance costs. They reduce the requirement of writing checks and bank processing charges, ease record keeping and eliminate postage fees. EFT is dependent upon an intricate system of mini and microcomputers that form an efficient network of automatic banking transactions. They work continuously to enable and update transaction history promptly.

The Law of Electronic Fund Transfer Systems regulates EFT trends, technical improvements and progress. It provides guidelines, provisions and clauses for electronic fund transfer payments and clearances. They provide an outline and explanation of legal rights related to duties and liabilities of financial institutions dealing with EFT. It is obligatory for corporations and people to provide EFT payment instructions to concerned financial institutions before a transaction is started. Only when EFT payment instructions are transmitted, financial bodies continue to pay employees and other monetary transactions. EFT will only succeed if a recipient?s bank has the ability to receive electronic payments. This Information has to be verified before a transaction is initiated. Prior to making EFT payments, customers need to register with the Department of Revenue.

EFT provides detailed information on EFT, EFT POS, Fiserv EFT, Pulse EFT and more. EFT is affiliated with Electronic Payment Processing.

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