Electronic Fund Transfer (EFT) is the use of digital technology for the transfer of funds without the exchange of paper currency. The devices through which EFTs are initiated include codes and cards. They allow you and others whom you authorize access to your account. Access to your account entails withdrawals, deposits and transfers. Modes of EFT such as ATM or Debit cards require Personal Identification Numbers (PINs) while others need a scan or a signature. Radio Frequency Identification (RFID) for example scans your pertinent information without any direct contact with you.
Direct Deposit allows you to authorize deposits for specific reasons into your account. Regular deposits like paychecks, insurance benefits can be thus authorized. You can also authorize withdrawals for recurring bills like insurance premiums, electricity and other utility bills, club memberships. This will allow for them to be paid automatically every month without any hassle.
Debit Card Purchase or Payment Transactions let you pay for the merchandize you have bought using your card. Quite similar to the use of a credit card, it allows the buyer to pay for an item of purchase without the exchange of paper notes. The only point of difference being that with a debit card, the amount of money spent must be existent in your bank account. You cannot extend credit on it.
With your commitments to your family and work in these modern hectic daily life, a trip to and from the Western Union is simply too much of a hassle. Speed and convenience are two of the major factors to consider in anything these days. With everything available at the push of a button, our banking needs have also been made accessible at our fingertips.
With no additional costs or charges attached on these services, Electronic Fund Transfer is not only a viable option; it is the one that makes the most sense. They are flexible, and entirely hassle-free. Without the inconvenience of commuting to the place of business or standing in a queue for long hours, you can take care of your banking needs from the comfort of your home.
Electronic Funds Transfer allows the transfer of funds within the country and also let you transfer funds to accounts that exist overseas. Students studying abroad, who need money for their tuition fees and other expenses in a foreign currency, receive these funds through EFT. The future is most definitely digital. We are moving further and further away from traditional modes of currency and payment. The day isn’t far when we will live in a cashless economy.
Direct Deposit allows you to authorize deposits for specific reasons into your account. Regular deposits like paychecks, insurance benefits can be thus authorized. You can also authorize withdrawals for recurring bills like insurance premiums, electricity and other utility bills, club memberships. This will allow for them to be paid automatically every month without any hassle.
Debit Card Purchase or Payment Transactions let you pay for the merchandize you have bought using your card. Quite similar to the use of a credit card, it allows the buyer to pay for an item of purchase without the exchange of paper notes. The only point of difference being that with a debit card, the amount of money spent must be existent in your bank account. You cannot extend credit on it.
With your commitments to your family and work in these modern hectic daily life, a trip to and from the Western Union is simply too much of a hassle. Speed and convenience are two of the major factors to consider in anything these days. With everything available at the push of a button, our banking needs have also been made accessible at our fingertips.
With no additional costs or charges attached on these services, Electronic Fund Transfer is not only a viable option; it is the one that makes the most sense. They are flexible, and entirely hassle-free. Without the inconvenience of commuting to the place of business or standing in a queue for long hours, you can take care of your banking needs from the comfort of your home.
Electronic Funds Transfer allows the transfer of funds within the country and also let you transfer funds to accounts that exist overseas. Students studying abroad, who need money for their tuition fees and other expenses in a foreign currency, receive these funds through EFT. The future is most definitely digital. We are moving further and further away from traditional modes of currency and payment. The day isn’t far when we will live in a cashless economy.
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