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They check for fraud and fund availability (Verification) before depositing the money into your account (Completion). For example, ACH transfers use the Automated Clearing House network, while debit card transactions rely on either a card network (Visa or Mastercard) or a payment processor (Paypal, Stripe, etc.).
EFT payments have been around for many decades and have federal laws to protect the electronictransfer of funds. One such federal law is the ElectronicFundTransferAct (EFTA) , which passed in 1978. One of the most frequently asked questions we see is, are EFT payments safe?
Here’s how EFTs work: Initiation: A party starts the EFT process by providing the necessary bank account information and authorizing fundstransfer. Verification: Banks involved verify the transaction details to ensure accuracy and security. What is the ElectronicFundsTransferAct (EFTA)?
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