electronic funds transfer

**electronic funds transfer**

Electronic funds transfer (EFT) refers to the digital movement of money from one bank account to another without the involvement of physical cash. This secure and efficient method includes various types of transactions such as wire transfers, direct deposits, online bill payments, and automated teller machine (ATM) withdrawals. EFT is widely used for personal and business banking, enabling faster payments, improved accuracy, and reduced processing costs compared to traditional paper-based methods.