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They check for fraud and fundavailability (Verification) before depositing the money into your account (Completion). EFT comes in many forms that suit different business needs. Payments can also be made to local vendors via electronicbank transfers, or fund global transactions with wire transfers.
How Does an Electronic Check Work? An electronic check is part of a large electronicbanking system and a subset of transactions referred to as electronicfund transfers (EFTs). At this stage, funds are withdrawn from the customer’s checking account and transferred to the business’s account.
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