Payment Glossary

EFT (Electronic Funds Transfer)

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Related Terms

  • Demand Deposit Account

    Traditional savings and checking accounts are generally demand deposit accounts.

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  • FOIA (Freedom of Information Act)

    The Freedom of Information Act provides either full or partial disclosure of unreleased information that is controlled by the U.S. government.

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