The Working Process of an EFT
EFTs comprise wire transfers, direct-debit transactions, online bill pay services, ATM withdrawals, and direct deposits. Here, in this method, transactions get processes via the ACH (Automated Clearing House) network and the safe transfer method of the Federal Reserve links all credit unions, US banks, and various other financial institutions.
As the financial institutions remain linked, a person remains liberal to authorize the transferring of funds electronically and the money gets taken from a person’s account for being deposited in the account of the recipient.
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Kinds of EFT Payments
There are numerous methods in which you can transfer money electronically and below are some descriptions of the common EFT payments:
Direct Deposit – This process of EFT allows people to pay employees electronically and post people run payroll, they tell the provider of their direct deposit service the amount that needs to be deposited. After this, the provider does put that money in the account of the employee on the specific payday. However, not every employer is capable of making direct deposit compulsory and so; you must know the laws of direct deposit well.
ATMs – The ATMs allow people to bank minus visiting a bank plus having a talk with a teller. A person can withdraw money, transfer funds, and make deposits too.
Wire transfers – These are the quickest methods of sending money and they are commonly utilized for infrequent and large payments. A person can utilize wire transfers for paying to the vendors or making a huge down payment.
Electronic checks – Electronic checks have huge similarities to paper checks but the former is used electronically. In this method, people are needed to enter their bank account number besides the routing number for making a payment.
Debit Cards – They permit people to make EFT transactions and a person can make use of his debit card for moving money from his business bank account. You can use your debit card for making purchases or paying bills online.
Personal computer banking – This process allows people to make their banking transactions with the help of the mobile device or computer. Here, a person can use his mobile device or computer for moving cash between accounts.
Pay-by-phone systems – These systems permit people to either transfer money or pay bills between accounts and it is accomplished over the phone.
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