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 Withdrawal (EFW) is an integrated e-file/e-pay option offered when filing your federal taxes using tax preparation software or through a tax professional. Using this payment option, you may submit one or more payment requests for direct debit from your designated bank account. If the payment date requested is a weekend or bank holiday, the payment will be withdrawn on the next business day. 2  In that case, your bank may put a hold on those funds, and treat it as a pending transaction. 3  The payment amount will be debited in a single transaction. 4  No recurring or partial withdrawals will be made.