What Is an EFT Payment? A Detailed Guide

An EFT payment, also known as an electronic funds transfer, is a type of electronic payment that allows you to send money from one bank account to another. EFT payments are typically used for larger transactions, such as transferring your salary from your employer’s bank account into your own personal account.

EFT payments can be made via a variety of methods, including online banking, phone banking, and even in-person at some banks. The most important thing to remember when making an EFT payment is to have the correct account number and routing number for the recipient bank.

Online Banking

One of the most convenient ways to make an EFT payment is through online banking. If your bank offers online banking services, you can simply log in to your account and initiate the transfer from there.

Most banks will require you to enter the recipient’s account number and routing number, as well as the amount of money you’d like to send. Once you’ve entered all the relevant information, you can hit the “submit” button and the funds will be transferred immediately.

Phone Banking

Another popular method of making EFT payments is through phone banking. If your bank offers this service, you can simply call them up and request to make an electronic transfer.

Again, you’ll need to have the recipient’s account number and routing number on hand, as well as the amount of money you want to send. The bank representative will then initiate the transfer for you and the funds should arrive in the other account within a few minutes.

In-Person

If your bank doesn’t offer online or phone banking, you can still make an EFT payment by visiting a branch in person. Simply tell the teller that you’d like to make an electronic funds transfer and they will help you through the process.

You’ll need to have the recipient’s account number and routing number as well as the amount of money you want to send. The teller will then initiate the transfer and the funds should arrive in the other account within a few minutes.

EFT payments are a convenient way to send money from one bank account to another. Just be sure to have the correct account number and routing number for the recipient, as well as the amount of money you want to send. With online banking, phone banking, and in-person options available, making an EFT payment is easy and convenient.

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