Saturday, March 10, 2012

Electronic Fund transfer


Electronic funds transfer (EFT) is 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.
The term covers a number of different concepts:
§  Cardholder-initiated transactions, where a cardholder makes use of a payment card
§  Direct deposit payroll payments for a business to its employees, possibly via a payroll service bureau
§  Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services
§  Electronic bill payment in online banking, which may be delivered by EFT or paper check
§  Transactions involving stored value of electronic money, possibly in a private currency
§  Wire transfer via an international banking network (carries a higher fee in North America)

No comments:

BANJAR & TIRTHAN VALLEY Banjar is a town in Kullu district in the state of Himachal Pradesh, India. It is a part of Seraj region that ex...