What is EFT – Electronic Funds Transfer ?

EFT i.e. Electronic Funds transfer is very common term in now a days in financial transaction. In common term it is defined as the transfer of fund from the individual account electronically.Commonly EFT is being used for direct-debit transactions which includes wire transfers, direct deposits, ATM withdrawals and online bill pay services like bill desk.

It means it is the process of transferring money from one bank account directly to another.