Types of EFT payments

Direct deposit: If you pay your employees by direct deposit, that is an EFT payment. ATM transactions: Any time you use an ATM to withdraw money, transfer funds between your accounts or make a deposit. Wire transfers can quickly move money between financial institutions quickly. Debit card transactions: Every time you make the choice to pay at the store using your debit card. Vendor payment: You can also use EFT payments to pay your vendors.