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.
There are a few advantages of an electronic funds transfer (EFT), including less float time, meaning the time it takes for a paper check to clear the federal reserve. It is less labor intensive on the banking side, and it ensures that consumers receive funds sooner. EFT also renders mailing payments obsolete.