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The significance of EFT transfers lies in their ability to facilitate immediate access to funds on nearly any given businessday. This immediate access is essential for both individuals and businesses to manage cash flows , make timely payments, and maintain financial stability.
ACH payments use sender and recipient banking account information to process transactions in one-to-three businessdays through the ACH network and have a lower cost than wiretransfers (another EFT payment type). One such federal law is the ElectronicFundTransferAct (EFTA) , which passed in 1978.
WireTransfer. A wiretransfer may be the best option if you need to send or receive a large sum of money quickly. A wiretransfer is an EFT payment method made through the SWIFT network. Wiretransfers are secure and fast, but there are fees involved that make them unsuitable for small payments.
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