The electronic fund program, or better refer to it as electronic fund transfer, is a method of electronically transferring money from one to another bank account. This can be between two bank accounts in a single financial institution, or across several financial institutions through computer-based systems. The processes are done automatically as they were pre-programmed to do exactly that. Also, they are not intervened by any of the staff working in the bank. They only do so when their clients complain about the irregularities with the money they have either sent or received.
The electronic fund program comes in various names. Some of them include the following:
- Transactions initiated by the cardholder, such as using debit cards or credit cards used for payments
- Direct deposit that is done by the payer
- Wire transfer through international banking
- Payments are done through direct debit in which the business debts the bank accounts of the consumer for payment on services or products purchased
- Online banking by electronic bill payment, which can be delivered either through paper check or electronic fund program
- Transactions that involve stored value of the electronic money, which is possible through private currency
Not everyone is fond of learning more about what this electronic fund program is about, but those working in the real estate or any other institution that transactions finances are involved in this kind of subject. For example, in the residential real estate transaction, both parties would love to see their transactions done quickly. There is no need to wait for several days just for it to be complete. Just like how electronic fund transfers are quickly done in an instant, it should be the same with real estate financial transactions, too. However, there are things that will delay the entire process of completing financial transactions as there are some documents need to solidify whether the transaction is indeed official or not. Once it is a done deed, the transaction is then cleared and the money is transferred to another account.
The convenience of having the electronic fund program running is what makes financial transactions these days very fast. All you need to do is use the account you hold in the bank, whether this is by a passbook, debit card or credit card, it means you can make transactions anywhere as long as there is a machine or a computer-based system that will handle everything. If you work in the real estate industry, all the more this is very important.
Are electronic fund transfers safe?
Over time, many financial institutions have already seen the need to be involved with the various business in the hopes that they get more clients. They also need to make every transaction safe to be conducted, especially when they are done electronically. It is because of this that they have employed the best security in their systems. They are heavily relied on by businesses and many other institutions that are doing financial transactions daily. In this statement alone, it means that all electronic fund transfers are safe and secure.