A disadvantage of electronic funds transfer (EFT) is that the process cannot be reversed if a sender should enter an incorrect account number. The APSense website states that other disadvantages associated with EFT include the potential for hacking of personal banking details and periodic technical difficulties.Know More
According to the Bank of Guyana, the EFT system is being used more frequently for paying bills online due to the ease and convenience of the transactions. The process may save money on the costs of checks, envelopes, paper billing and stamps. Therefore, the administrative costs are reduced and banking is facilitated with a greater amount of security and efficiency. The Bank of Guyana states that EFT transfers often are used for credit transfers, like payroll processing, or for paying mortgages.
The APSesnse website adds that EFT simplifies bookkeeping as the transfer is often instant or completed within one day. EFT offers the advantage of direct deposit as well.
The FDIC terms EFTs as being transactions that include ATM withdrawals, point-of-sale transfers, direct deposits or any other transfers that are initiated over the telephone. EFTs, according to the FDIC, also are defined as balance inquiries, regardless of whether the activity results in a transaction.Learn more about Personal Banking
Follow the procedures for sending money online or mailing funds to the prison where the inmate resides, according to the Bureau of Prisons and Western Virginia Regional Jail. The exact process differs from one state to another as well as from the state to federal prison systems.Full Answer >
An international money order is an option of payment that is considered guaranteed funds redeemable in the United States and in many foreign countries. According to the U.S. Postal Service, its money orders never expire and can be cashed at banks or financial institutions in 29 countries.Full Answer >
A bank draft offers guaranteed funding, as the institution issuing it has already collected money to cover its value, while a check draws funds from an individual's account. Unless the purchaser of the bank draft asks the bank to stop payment, the bank pays it; however, banks sometimes return checks due to insufficient funds in the account, according to About.com.Full Answer >
SMS payments may be used to pay for digital goods and services, merchandise in retails stores and to transfer funds from one bank account to another individual or a business account. According to Mobile Transaction, as of 2013, the use of mobile phones to make SMS payments is growing rapidly among businesses and consumers.Full Answer >