Electronic Funds Transfer

 Electronic funds transfer (EFT) is the electronic transfer of money from one bank account
to another.
 The fund transfer might be either within a single financial institution or across multiple
institutions.
 It is done through computer based systems of names without the direct intervention of
bank staff.
 Electronic Fund transfer allows customers to make money transfers at the comfort of
their homes using integrated banking tools such as internet and mobile banking
 Electronic transfer modes are considered to be safe secure and make transferring money
much simpler.
 Electronic transfers are processed immediately with the transferred amount being
deducted from one account and credited to the other in real time thus saving time and
effort t involved in physically transferring a sum of money.

Advantages of Electronic Funds Transfers

 You have the right to dispute a transaction completed by EFT.
 It helps merchants to access funds faster.
 You can still pay for items without a debit or credit card.
 Customers can set up automatic payments with EFTs.

Disadvantages of Electronic Funds Transfers

 Customers need to have the funds available immediately.
 If you lose money in a wire transfer, it may not be recoverable.
 It creates purchasing opportunities around the clock.
 The fees for some EFTs can be somewhat high.

Abirahman Mohamed Ibrahim Batch 56B Roll: 39