Electronic Funds Transfer is A Popular Way of Money Transaction

Ragini France By Ragini France, 16th Apr 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/b832lbxu/
Posted in Wikinut>Money>Economics

Electronic funds transfer is a modern method of transferring money.

Electronic Funds Transfer is A Popular Way of Money Transaction

Electronic funds transfer is a modern method of transferring money.
Today, Individuals use electronic funds transfer instead of signing checks to pay all their bills. Though, checks are used in financial transactions for government proceedings and other purposes.

Electronic payment system involving credit cards, debit cards, wire transfers and automated clearing-houses have been growing much more speedily than the number of transactions conducted by cash or check. Through the use of electronic fund transfer, checks, stamps, envelopes, and paper bills are obsolete. Paper work is not involved in EFT that's why it is easy and useful for account holder.

Electronic funds transfer reduces administrative costs and saves time. Time and money both are important for customer for dealing financial transaction. It becomes popular for these techniques. EFT has greater security and simplified bookkeeping. It has multi-layered security and data can be obtained in desired format.

Tags

Automated Clearing-Houses, Bills, Credit Cards, Debit Cards, Wire Transfers

Meet the author

author avatar Ragini France
I am deeply involved in Creative, Social, love and horror writing having new concept.

Share this page

moderator johnnydod moderated this page.
If you have any complaints about this content, please let us know

Comments

author avatar Kinyua Mugi
18th Jun 2011 (#)

Am in an idea of doing travel business & being new in international transaction worry me.advice please

Reply to this comment

Add a comment
Username
Can't login?
Password