What are EFTs, drafts, ACH payments, wires, and TTs?
Electronic Fund Transfers (EFT’s) are processed using the Canadian Banking payment network. EFT is a paperless system that provides for the inter-bank clearing of electronic entries for participating Financial Institutions. A cashier’s check (also known as a bank check, official check, teller’s check, bank draft or treasurer’s check) is a check guaranteed by a bank. They are usually treated as cash since most banks clear them instantly. FedACH is the Federal Reserve’s centralized application software used to process ACH transactions. It is the US equivalent of EFT’s. ACH is a paperless system that provides for the inter-bank clearing of electronic entries for participating Financial Institutions. Both the government and the commercial sectors use ACH payments. Bank wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is a message to the receiving bank requesting them to effect payment in accordance with the instructions g
