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An electronic funds transfer works by using computer and electronic technology rather than paper transactions in order to transfer money, as stated on the Consumer Information page of the Federal Trade Commission. Common... More »

There are a few advantages of an electronic funds transfer (EFT), including less "float" time, meaning the time it takes for a paper check to clear the federal reserve. It is less labor intensive on the banking side, and... More »

A disadvantage of electronic funds transfer (EFT) is that the process cannot be reversed if a sender should enter an incorrect account number. The APSense website states that other disadvantages associated with EFT inclu... More »

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There are a few advantages of an electronic funds transfer (EFT), including less "float" time, meaning the time it takes for a paper check to clear the federal reserve. It is less labor intensive on the banking side, and... More »

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