Remove Electronic Fund Transfer Act (EFTA) Remove MFA Remove Wire Transfer
article thumbnail

What is an EFT Payment? Everything to Know About This Method of Payment

Stax

ACH payments use sender and recipient banking account information to process transactions in one-to-three business days through the ACH network and have a lower cost than wire transfers (another EFT payment type). EFT payments have been around for many decades and have federal laws to protect the electronic transfer of funds.