A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
What Is Electronic Funds Transfer (EFT)? Electronic Funds Transfer (EFT) offers a method of moving money from one account to another for a variety of purposes without using any physical paper money, coins, or checks. Most electronic funds transfers require some form of identification for security purposes.