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It can be used as much as required, provided that the daily limit is not exceeded and there are enough funds in the account.
One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions.
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
The processor will validate the card details of the purchaser and check if there is enough fund in his or her account. In case of sufficient funds, the transaction will be authorized and the funds will be transferred to the account of the seller.
Read MoreThe direct deposit system is very useful for students to transfer funds to their institutions. Keep your bank details correct and passwords confidential to avoid delay in the process.
Read Morelt;em>Electronic Funds Transfer (EFT)Customers who make regular payments to businesses, or who purchase in large quantities will rely on EFT rather than cards for process their payments as limits for EFT transactions are higher compared to the restrictive limit on cards.
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Online banks provide the account holders with an ATM card for withdrawing cash and transferring funds from (or to) a local bank or credit union electronically within three business days. Mobile devices can be used to deposit checks as well.
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