What Is Electronic Funds Transfer System (EFTS)?

Imagine a world where you didn't have to write checks or carry cash. Imagine a world where you could make payments and money transfers using nothing but a computer. This is what Electronic Funds Transfer Systems (EFTS) do: they allow you to send money electronically—no paper involved! They're the best way to pay your bills or send your kids' allowance. You can even use them to pay your rent or mortgage or set up a payroll system for your employees. Electronic funds transfer systems are super convenient and have been around for years. But if you're still using paper checks, it's time to switch to the future of payments! Have you ever wanted to pay someone but didn't have any cash on hand? Don't worry—you don't have to be stuck waiting for a check in the mail or remembering your next payday. With electronic funds transfer systems, you can make payments instantly and effortlessly. Electronic funds transfer systems are similar to debit cards—but instead of using a card, you initiate the transfer from your bank account. The process is simple: You enter information about who you want to transmit money to and how much, and your bank debits the amount from your account and sends it on its way! One of the great things about electronic funds transfers is that they can be done with any account—checking, savings, and credit card accounts. Even if you don't have enough money in your account at first (or even no money at all), as long as there's enough credit available in the account where it needs to go, you can still make an instant payment. Another awesome thing about electronic funds transfers is that they're so easy! They're fast too—usually taking only a few days before they reach their destination.