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One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions.

Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

This form of electronic fund transfer is called an automated clearing house (ACH) transaction. Another form of electronic fund transfer is the wire transfer. Although the end result is the same, there are differences between the two, mainly in the cost and time of delivery.

It can be used as much as required, provided that the daily limit is not exceeded and there are enough funds in the account.

A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network or the Clearing House Interbank Payments System.

Electronic Fund Transfer Act (EFTA), also known as Regulation E, was implemented to protect consumers when they use electronic means to manage their finances. Consumers typically use a card or pin number to initiate transfers from one account to another.