Question

Which of the following statements regarding EFT is false? EFT still requires the endorsement of a check EFT allows payment to be automatically deposited into the provider account EFT still has a corresponding remittance advice (RA). EFT still requires the endorsement of a check, allows payment to be automatically deposited, and still has a corresponding remittance advice (RA)

Answer 1

A smart way of moving money from one personal banking account directly to another account is called EFT or electric fund transfer. There is a maximum clearance time of 24 hours for transfer.  The most widely-used program is Direct Deposit, in which payroll is deposited straight into an employee's bank account initiated through an electronic terminal, including credit card, Therefore, the following statement regarding EFT is false?

1.                  EFT still requires the endorsement of a check