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Electronic Funds Transfer

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ALSO CALLED: ACH, EFT, Automated Clearing House
DEFINITION: Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire  … 

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Electronic Funds Transfer IT Downloads (View All Report Types)
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Online Trial: Rational System Architect
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Posted: 04 Nov 2009 | Premiered: 04 Nov 2009

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