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 the difference between an Electronic Funds Transfer (EFT) and a Wire? Electronic Funds Transfer (EFT) An EFT (also sometimes referred to as Direct Deposit) is a method of electronically paying a vendor or person instead of issuing a cheque. Overall, EFT is the preferred method of electronic payment â this is the lowest cost option of payment