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.
Difference Between ACH and EFT. ACH means Automatic Clearing House and EFT means Electronic Funds Transfer. Both the ACH and EFT refer to money transfer from one account to another or from one place to another. The Automatic Clearing House and the Electronic Funds Transfer have simplified the process of money transfer. Both the ATH and the EFT procedures are very quick and they have revolutionized the entire banking sector.