Electronic funds transfer (EFT) is a disbursement system that uses a telephone or a computer to transfer cash from one location to another.

Name: Electronic funds transfer (EFT) is a disbursement system that uses a telephone or a computer to transfer cash from one location to another.
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Electronic funds transfer (EFT) involves the electronic movement of money between accounts, typically using computers or telecommunication networks, without the need for physical exchange of cash or checks.

Electronic Funds Transfer (EFT) Is a Disbursement System That Uses