Where do we find EFT?

One of the most common EFT’s is Direct Deposit. It is used by employers for depositing their employees’ salary in a bank account. Other kind of EFT is the automatic charge to your check or savings account. For example, when you are paying a mortgage, the bank will discharge the monthly payment from a pre-accorded bank account. The benefit is that you won’t have to go to the bank to do it. It’s automatic. ATM’s are also used for EFT’s. Since an automatic teller machine is much cheaper than a group of bank tellers, it has helped to bring costs down and beneficiate the costumer. Points of sale (also known as POS) are also part of this group. Those little blue or dark blue machines in which you pass your card are doing an electronic fund transfer from your account to the retail account.