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 Fund Transactions (EFT) Routing Number is used for electronic transactions like direct deposits and wire transfers. Electronic Fund Transactions (EFT) Routing Number contains 3-digits Financial Institution Number and 5-digit Branch Number. Last 5-digits are used to identify the Branch.And 3-digits before the Branch Number are used to identify Financial Institution. For Example: EFT = 0$$$#####. As a rule. Transit Number is also known as MICR Number (Magnetic Ink Character Recognition).MICR Number is written on the bottom of checks identifying Financial Institution.ast 5-digits are used to identify the Branch. And 3-digits before the Branch Number are used to identify Financial Institution. For Example: EFT = 0$$$#####. As a rule. Transit Number is also known as MICR Number (Magnetic Ink Character Recognition).