Electronic Funds Transfer

Electronic funds transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

The term covers a number of different concepts:

Cardholder-initiated transactions, using a payment card such as a credit or debit card
Direct deposit payment initiated by the payer
Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services
Electronic bill payment in online banking, which may be delivered by EFT or paper check
Transactions involving stored value of electronic money, possibly in a private currency
Electronic Benefit Transfer

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