Electronic Funds Transfer (EFT) is a method of transferring money from one bank account to another electronically, commonly used for payroll and vendor payments.
- What is Electronic Funds Transfer (EFT)?
Answer: It is a method of transferring money electronically between bank accounts. - How is EFT used in HR?
Answer: It is used for direct deposit of employee salaries. - What are the advantages of EFT?
Answer: Advantages include speed, security, and reduced paperwork. - What are the risks associated with EFT?
Answer: Risks include errors or unauthorized transactions. - How is EFT regulated?
Answer: It is regulated by the Electronic Fund Transfer Act (EFTA).
