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.
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.