EFT
Business & Finance abbreviation · Banking
| Stands for | Electronic funds transfer |
|---|---|
| Categories | Business & Finance |
EFT stands for Electronic funds transfer, a banking abbreviation.
Any transfer of money initiated electronically rather than by paper check or cash, including ACH payments, wire transfers, debit card purchases, ATM withdrawals and online bill payments. In the US, consumer EFTs are protected by the Electronic Fund Transfer Act.
Example: The vendor prefers payment by EFT, so we no longer cut paper checks for its invoices.
Usage notes
Regulation E, which implements the Electronic Fund Transfer Act of 1978, limits a consumer's liability for unauthorized transfers to $50 if reported within two business days. In Canada and Australia, EFT is common shorthand for direct account-to-account payments, and EFTPOS refers to debit payments at the point of sale.
Related abbreviations
More banking abbreviations
- CTR – Currency transaction report
- CU – Credit union
- CVV – Card verification value
- DD – Demand draft
- DDA – Demand deposit account
- EDD – Enhanced due diligence
- EMV – Europay, Mastercard and Visa
- FD – Fixed deposit
- FI – Financial institution
- FPS – Faster Payments Service
- G-SIB – Global systemically important bank
- IBAN – International Bank Account Number