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.
Home > Accounting Dictionary > E Terms > Electronic Funds Transfer. Electronic funds transfer or EFT is common with businesses and with individuals. Electronic funds transfer is the electronic communication used to transfer cash from one bank account to another. EFTs don't require paper or checks to transfer cash between accounts.