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What is an EFT?

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Anonymous

15y ago
Updated: 9/15/2023

Electronic Fund Transfer

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Wiki User

15y ago

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How can I receive EFT payments?

To receive EFT payments, you need to provide your bank account information to the payer. They will then transfer the funds electronically to your account.


What is an advantage of electronic funds transfer (EFT)?

One advantage of electronic funds transfer (EFT) is its convenience, allowing individuals and businesses to transfer money quickly and easily without the need for physical checks or cash. EFT transactions can be initiated from anywhere with internet access, enabling faster payments and reducing the time associated with traditional banking methods. Additionally, EFT enhances security by minimizing the risk of lost or stolen physical payment instruments.


How to do an EFT payment?

To make an EFT payment, you need to provide your bank account information to the person or company you are paying. They will then initiate the transfer electronically from their bank to yours. Make sure to double-check the details before authorizing the payment.


What is the process for placing a hold on an EFT transaction for the next day in Australia?

To place a hold on an EFT transaction for the next day in Australia, you typically need to contact your bank or financial institution and request a stop payment or hold on the transaction. This can usually be done through online banking, mobile banking, or by calling customer service. Keep in mind that there may be fees associated with placing a hold on an EFT transaction.


What is the relationship between EFT, PComb, and their impact on financial transactions?

EFT (Electronic Funds Transfer) and PComb (Payment Combination) are both methods used in financial transactions. EFT involves the electronic transfer of funds between accounts, while PComb combines multiple payment methods to complete a transaction. Together, they streamline and secure financial transactions by providing efficient and flexible payment options.