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What does EFT authorization mean?

Registered organizations have the ability to pay for queries via Electronic Funds Transfer (EFT). Organizations choosing to pay by EFT must submit an Electronic Funds Transfer Authorization form before EFT payments can be processed.

Is EFT the same as direct deposit?

EFT (Electronic Funds Transfer) - is a general banking system in which transactions, such as deposits and bill payments, are made through computer databases and electronic files. This is often referred to as a direct deposit.

What is EFT in life insurance?

What is EFT? With Electronic Fund Transfer (EFT), you use your checking account to pay your insurance premium directly each month - without writing a check. That saves you time and money!

Is it safe to accept EFT payments?

Generally speaking, EFTs are safe. Theyre especially more secure and faster than their predecessor, the paper check, which can take a couple days to clear. That doesnt mean EFTs are without risk, though. Some EFTs, such as peer-to-peer payments, are nearly instant.

What is an EFT from my bank account?

An electronic funds transfer (EFT) is a broad term for a payer sending money and a payee receiving money through an online payment system. Electronic funds transfers include ACH, wire transfer, instant eWallet payments, and other digital payment methods.

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