Question- Write a note on EFT.

Ans.

Electronic Funds Transfer (EFT)

Electronic banking, also known as electronic funds transfer is simply the use of electronic means to transfer funds directly from one account to another, rather than by check or cash. You can use electronic funds transfer-

1. To have your pay cheque deposited directly into your bank or credit union checking account.

2. To have the bank transfer funds each month from your account to another account.

3. To have your government social security benefits or tax refund deposited directly into your account.

4. To withdraw money from your checking account from an ATM machine with a personal identification number (PIN), at your convenience, day or night.

5. To buy groceries and other purchases at the point-of-sale.

6. To use a smart card with a prepaid amount of money embedded in it for use instead of cash at pay phone, road toll, or on college campuses at the bookstores.

7. To instruct your bank to automatically pay certain monthly bills from your account, such as vehicle loan or mortgage payment.

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