EFT & ACH are they same thing??

[beanie]

I would like to know if ACH (automated clearing house) and EFT ( electronic fund transfer) are the same thing? If so, then why have them both out there? Why not just one. I've googled it, and cant seem to find the "Right" answer. One says they are the same. One says they are not. Anyone know for sure?? As far as the definition, well, ACH-account can be debited electronically....And EFT- means the same. So are they?

[Jinx]

Hi Beanie!

For all intents and purposes, yes ACH and EFT are the same. ACH usually has to do with a check by phone or an autopay by check. Which takes longer because it has to go through a different process than EFT. EFT is just a transfer of funds electronically.

HTH!
~Jinx

[beanie]

Yes, it does help. Thank you very much, and I noticed I was your first post!! Congrats!!And welcome! Hope to see you around more..just jump on in!!!