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.
8 Comments. 1  Iâm not sure that your answer clearly defines the difference between ACH and EFT. EFT is a generic term that refers to the movement of funds electronically and covers not only direct deposit and direct payment, but debit card, stored value cards and ATM transactions. 2  I still donât really get it. So ACH payments are a subcategory of EFT.