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What is the EFT process?

Essentially, EFT (electronic fund transfer) is used to move money from one account to another. The transaction is completed electronically, and the two accounts can be at the same financial institution or different financial institutions. However, the term EFT doesnt refer to a specific type of payment.

How do I create an EFT form?

Answer: From the Tools menu, select Create EFT Transmission Files. Enter the processing date, select the sponsoring bank, and browse to name the file. Check the option to Print control report. Click Create Now to create the file.

What information is required for a EFT payment?

In order to receive an EFT, you need to share your banking details with the person sending you one, including your institution number, your branch number and account number, and your transit number.

What are the four types of EFT?

Types of EFT payments Credit and debit cards. Every time you use a credit or debit card, youre making an EFT payment. ATMs. Using an ATM is a form of electronic funds transfer, even though you receive cash in your hand. Wire transfers. Direct deposit/bank transfer. Online payment systems.

What is a Massachusetts EFT form?

Electronic Funds Transfer (EFT) Authorization Agreement Complete this form to enroll, modify, or terminate an existing in electronic funds transfer (EFT) agreement with the Commonwealth of Massachusetts Departments.

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