An example of electronic funds transfer is:
A)a transfer of funds without the use of paper checks.
B)a transfer of funds by writing a check.
C)the same as a deposit in transit.
D)All of these are correct.

Question

Quizplus · Accepted Answer

Electronic funds transfer (EFT) is a transfer of funds from one bank account to another without the use of paper checks. It is done through electronic means such as online banking, wire transfers, or automated clearinghouse (ACH) systems. Writing a check is not an example of electronic funds transfer. Deposit in transit refers to a deposit that has been made but has not yet been credited to the bank account.

An Example of Electronic Funds Transfer Is