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.
While technically EFT stands for electronic funds transfer, and in theory could be any funds movement that is electronic, ACH is what the average person means when they use the term, as a consumer, business or in banking.