What's Eft Credit Canada?

EFT is an electronic funds transfer. Image Credit: Lyndon Stratford/iStock/GettyImages. If you see something on your bank account that says "EFT credit Canada," then you most likely have received money through an electronic funds transfer from the Canadian government or Canada Revenue Agency.

What does EFT credit stand for?

Essentially, EFT (electronic fund transfer) is used to move money from one account to another. The transaction is completed electronically, and the two accounts can be at the same financial institution or different financial institutions. However, the term “EFT” doesn't refer to a specific type of payment.

Is EFT Cash or credit?

EFTs debit (increase) one person's account and credit (decrease) the other person's account. EFT transactions are also known as electronic banking. Everything is paperless, so there isn't a need for cash or paper checks. The Electronic Fund Transfer Act (EFTA) regulates electronic funds transfers.