Electronic Fund Transfer System
In the business community, thousands of checks are issued for various transactions. Following up the process until it is complete is tedious. The banks, therefore, provide Electronic Fund Transfer System (EFTS) to handle the large volume of transfers. The EFTS allows banks to transfer amounts between accounts quickly and accurately without exchange of check.
The EFTS provides the following benefits to businesspersons:
Direct Payroll Deposit: Employers can electronically transfer salaries to the employee’s bank account.
Automated Bill Payment: Account holders can give standing instructions to the bank to pay their bills.
Debit Card: Account holders can use their debit cards to withdraw money from the automated teller machine (ATM), available from the bank.
Phone Banking: Account holders can phone instructions to transfer funds to another account.
Internet Banking: Account holders can conduct banking transactions through the bank’s website.