Electronic banking, also known as electronic funds transfer (EFT),
is simply the use of electronic means to transfer funds directly
from one account to another, rather than by cheque or cash. You
can use electronic funds transfer to:
• Have your paycheck deposited directly into your bank or
credit union checking account.
• Withdraw money from your checking account from an ATM
machine with a personal identification number (PIN), at your
convenience, day or night.
• Instruct your bank or credit union to automatically pay certain
monthly bills from your account, such as your auto loan or your
mortgage payment.
• Have the bank or credit union transfer funds each month
from your checking account to your mutual fund account.
• Have your government social security benefits check or your
tax refund deposited directly into your checking account.
• Buy groceries, gasoline and other purchases at the point-ofsale,
using a check card rather than cash, credit or a personal
check.