Electronic Funds Transfer (EFT) is a disbursement system that uses telephone or computer to transfer cash from one location to another.

Question

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Electronic Funds Transfer (EFT) is a method of transferring funds from one bank account to another through computer-based systems, rather than traditional paper-based methods like cheques and cash. It may use the internet or an internal network to transfer funds between accounts.

Electronic Funds Transfer (EFT) Is a Disbursement System That Uses