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Electronic Funds Transfer Eft Form

Electronic Funds Transfer Eft Form

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electronic fund transfers electronic fund transfers also known as eft is a system for transferring money from one bank to another without using paper money its use has become widespread with the arrival of personal computers cheap networks improved cryptography and the internet eft allows payments between two parties via electronic signals how eft started electronic funds transfers began in the 1960s but became widespread in the 1970s with the introduction of the automatic teller machine atm since the 19th century and with the help of telegraphs funds transfers were an usual thing in commercial transactions finally it migrated itself to computers and became the electronic money transfers of today how does it work the transaction takes place over a computerized network either among accounts at the same bank or to different accounts at the separate bank efts are done on direct debit transactions wire transfers direct deposits atm withdrawals payroll payments debit or credit transfers mor

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