EFT

EFT (Electronic Funds Transfer) is a product of the paperless era that allows for the transference of money from one account to another. Regulated by the 1978 Electronic Funds Transfer Act, EFT helps streamline the transaction process, in effect circumventing the traditional payment method that involved collecting cash or writing one a check. EFT can be used for making a payment on a regularly occurring basis or for payroll purposes, with an automated clearing house serving as the go-between.