What is the difference between EFT and ACH money transfers?
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.