Ebseft

Description

Electronic Funds Transfer is the basic funds transfer process around which all other transfer services revolve. EFT is the transferring of funds from one bank savings or checking account to another account. Our EFT transactions are processed through a major third party processor and all EFT transactions are sent through the Automated Clearing House (ACH) which is the electronic network to which 95% of the nation's banks belong to - including the Federal Reserve. For example - A health club or an insurance company debits their clients each month for the monthly payment – they upload a transaction file to our processing center and we process each transaction through the banking system – we debit the customer and deposit the cleared funds into the business account.

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