EFT

=//EFT//=

An EFT is an abbreviation for electronic funds transfer. EFT's are closed end mutual funds. It is any transfer of a fund that is initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape. It is a system of transferring money from one bank account directly to another without any paper money changing hands. If you are earning a for example, a salary, cash may be placed into your bank by EFT. You can then withdraw money from an automated teller or use your debit card to pay for goods and services. Using your debit card in a store to pay for goods is another example of EFT.



Mind-map showing the EFT process. //Article //

This article goes a bit off topic. It gives a detailed outline about what the EFT is and how it works. This will be mentioned in this page, in a shortened and easy to remember way. It also gives the benefits and drawbacks of ETFs.