ELECTRONIC FUNDS TRANSFER (EFT)
The Bank handles electronic funds transfer on behalf of its customers. EFT is a computerized system for processing transactions between financial institutions routed through the clearing house.
- Electronic transfer of funds.
- Credit transfers between banks from payer’s account to the payee’s account.
- Debit transfers between banks from payee’s account to payer’s account prior to authorized direct debit agreements.
- Name and address of recipient Bank.
- Names and account details of beneficiary.
- Enough funds or credit balance in local or foreign denomination available on
account for transfer.
- National coverage.
- Service is cheaper.
- Transfer of funds is faster.
- Convenient for salary payments.
- Reduces congestion, lines & thefts.
- Risk associated with the physical movement of large sums of cash is avoided.