Question

What is an electronic funds transfer?

Options

• A way of electronically submitting payment from your account to another account.

• Writing a check and sending in the mail.

• Handing someone cash for goods or services.

• All of the answers are correct.

Answer 1

A way of electronically submitting payment from your account to another account.

Explanation:

1. Electronic Funds Transfer (EFT) is a method of moving money from one bank account to another without using cash, cheques, or physical transfer of funds.
2. Examples of EFT include NEFT, RTGS, IMPS, UPI, and Debit/Credit Card payments.
3. Other options like writing a cheque or paying cash are not considered electronic transfers.