What Is Electronic Fund Transfer (EFT)

What is EFT?

Electronic Funds Transfer (or EFT) allows you to send money to your payees electronically rather than printing and mailing a paper check. EFT payments are faster and more secure than a paper check, there’s no chance of the check getting lost in the mail and you don’t have to wait for the regular mail system.

Are EFT payments safe?

Electronic Funds Transfer (or EFT) allows you to send money to your payees electronically rather than printing and mailing a paper check. EFT payments are faster and more secure than a paper check, there’s no chance of the check getting lost in the mail and you don’t have to wait for the regular mail system.

What happens if I don’t have enough money in my bank account?

Your account must be adequately funded to cover all payments just like a paper check. Some EFT transactions may clear your bank account the same day they are issued so make sure your account is adequately funded to avoid bounced payments.