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What is the difference between EFT and ACH money transfers?

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Answered 2010-03-18 15:46:46

Debit and ATM transactions are processed through an "EFT" (electronic funds transfer) network that is set up to verify and debit funds in real time using an encrypted personal identification number for authorization purposes; these networks are connected to ATM Machines and Point of Sale terminals running debit-card and credit-card transactions. Some privately owned EFT Networks are PLUS, Star, Cirrus, and Interlink. Electronic checks are processed through the shared ACH Network that banks use for moving money between institutions; this system does not check funds availability in real time and the authorization is based on a signature or other authenticating means, just like paper checks. Electronic checks can be returned for insufficient funds.

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