Question : The process of transferring funds from one bank account to another electronically is called ___________.
Option 1: Online banking
Option 2: electronic funds transfer (EFT)
Option 3: Mobile banking
Option 4: Internet banking
Correct Answer: electronic funds transfer (EFT)
Solution : The answer to the question is (b) electronic funds transfer (EFT).
Online banking, mobile banking, and internet banking are all terms that refer to the use of electronic means to access and manage your bank account. However, EFT is a specific type of electronic transfer that involves the movement of funds from one bank account to another.
Here are some examples of EFTs:
Direct deposit of paychecks
Automated bill payments
Wire transfers
ATM withdrawals
Point-of-sale (POS) debit card transactions
EFTs are a convenient and secure way to transfer funds between bank accounts. They are also relatively inexpensive, making them a cost-effective option for businesses and individuals.
