Question

Electronic funds transfers ________. a) are a way of moving cash by paper documents b) do not appear on the bank statement c) include direct deposits and debit card transactionsd) are more expensive than mailing a check to make a payment

Answer 1

Answer:

The correct answer is c) Include direct deposits and debit card transactions.

Explanation:

Electronic Fund Transfers (EFT) is an electronic transaction that moves money from one account to another. The accounts can be from the same institution of from different ones, and are processed through the Automated Clearing House (ACH). The ACH is a system that connects all the financial institutions in the United States.

EFTs are paper free and do not need human intermediaries to go through with a transaction. These can be done through direct deposits, wire transfers, debit cards, electronic checks, ATMs, personal computer banking and others.