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.
Electronic Funds Transfer (EFT) An electronic funds transfer (EFT) is a transaction that takes place over a computerized network, either among accounts at the same bank or to different accounts at separate financial institutions.