Tonya has a savings and checking account at Big City Bank. She is about to have some home repairs done, so she wants to make sure that she has enough funds in her checking account. She uses her smartphone to transfer money from her savings account into her checking account. Which method of electronic banking does this scenario best describe?

Question

Quizplus · Accepted Answer

This scenario best describes an electronic funds transfer (EFT), which is any movement of funds by means of an electronic terminal, telephone, computer, or magnetic tape. Such transactions order a particular financial institution to subtract money from one account and add it to another.

Tonya Has a Savings and Checking Account at Big City