Source: wikibot/electronic-funds-transfer
= Electronic funds transfer
{wiki=Electronic_funds_transfer}
Electronic Funds Transfer (EFT) is a system that allows the transfer of money from one bank account to another through electronic means. This method eliminates the need for physical checks or cash, making transactions quicker and more efficient. EFT is often used for various types of transactions, including: 1. **Direct Deposits**: Employers can deposit wages directly into employees' bank accounts.