0
Pros:
1. Easy
2. Convenient
3. Fast
4. Safe
Cons:
1. If you enter the target account number incorrectly, there is no way to reverse the transaction.
Wiki User
∙ 15y ago
Jony Belete
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What is an EFT?
Electronic Fund Transfer
What do you mean by Electronic Clearing System?
It is type of one bank account fund transfer to another bank account
What is known as the electronic fund transfer?
Regulation E
What is also known as the Electronic fund transfer?
Regulation E
How long for electronic fund transfer to take place?
how long for elctronic transfer of funds
What are the instruments of electronic banking?
ATMs,ELECTRONIC FUND TRANSFER(EFT), MANAGED FILE TRANSFER (MFT), EMT,FTT ETC.
What are the methods of payment for the death gratuity?
Cash and Electronic Fund Transfer
What is neft-sbinh?
National Electronic Fund Transfer from State Bank of India
What is the full form 'neft' of usage in banking sector?
National Electronic Fund Transfer
What federal law regulates customer liability for debit cards?
Electronic Fund Transfer Act (EFTA) of 1978
Cfms fullform in banking?
CFMS Stands for Centralised Funds Management System. It is a sort of Electronic fund transfer system. It is a system set up, operated and maintained by Banks to enable operations on accounts maintained at various offices of the Bank, through standard message formats in a secure manner. The Bank has a Central System which interacts with the subsystems in its various branches to perform operations on the accounts maintained by the Bank. To transfer funds from one branch to another, a request message is sent from the source branch to the Central system of the Bank. The Central System processes the message and debits the account accordingly. Have the below doubts in mind: Can CFMS be maintained by each Bank or only a Central Body such as RBI can do it (and other Banks have to become members)? On what basis, is CFMS different from other Electronic Fund Transfer systems like NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement)? Is CFMS used by general public or only by Banks to transfer money between their branches? Can CFMS be used to transfer money between different Banks?
Full form of utr no in rtgS?
NEFT : NATIONAL ELECTRONIC FUND TRANSFER RTGS : Real Time Gross Settlement , Minimum Amt Rs 1 lakh IFSC is Indian Financial System Code
