Electronic Funds Transfer (EFT) is a method of digitally transferring funds initiated through electronic means, such as ATMs, magnetic tapes, electronic terminals, computers, or telephones. It enables the seamless transfer of money between accounts, whether within a single financial institution or across multiple institutions. EFT eliminates the reliance on cash and checks for financial transactions, offering individuals, businesses, and governments greater convenience and efficiency. It encompasses various types of digital payments, including peer-to-peer transfers, eChecks, direct deposits, credit and debit card payments, and ATM transactions. EFT technology underlies many common digital payment methods, facilitating secure and swift money transfers between banks, businesses, and individuals.

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