{"id":5945,"date":"2018-09-06T15:01:14","date_gmt":"2018-09-06T19:01:14","guid":{"rendered":"https:\/\/carleton.ca\/facts\/?p=5945"},"modified":"2018-09-06T15:54:12","modified_gmt":"2018-09-06T19:54:12","slug":"what-is-an-electronic-fund-transfer-eft-and-why-would-i-accept-one-1-of-2","status":"publish","type":"post","link":"https:\/\/carleton.ca\/facts\/2018\/what-is-an-electronic-fund-transfer-eft-and-why-would-i-accept-one-1-of-2\/","title":{"rendered":"What is an electronic fund transfer (EFT) and why would I accept one? (1 of 2)"},"content":{"rendered":"<p>I am Diana Pruss, the Cash Office Supervisor.\u00a0 Carleton University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL.\u00a0 I\u2019d like to share some information that will help ensure that you better understand and receive your EFTs in a timely manner.<\/p>\n<p><strong>What is an electronic fund transfer (EFT)?<\/strong><\/p>\n<p>Electronic fund transfer is a system of transferring money from one bank account directly to another without any paper money changing hands. \u00a0\u00a0In Canada, EFT\u2019s are done as direct deposits, where international EFTs are done by wire transfer.<\/p>\n<p><strong>What are the advantages of accepting direct deposits\/ wire transfers?<\/strong><\/p>\n<ul>\n<li>Efficient, convenient method of receiving deposits<\/li>\n<li>No paper cheques that might get lost, stolen or damaged<\/li>\n<li>Deposits are traceable<\/li>\n<li>No waiting for cheques to arrive in mail<\/li>\n<li>No need to fill out deposit form<\/li>\n<\/ul>\n<p><strong>You may be asked to accept a payment by EFT (e.g. direct deposit\/ wire transfer).\u00a0 Here\u2019s how it works:<\/strong><\/p>\n<ol>\n<li>Customer wants to pay via EFT<\/li>\n<li>Banking\/ remittance notifications is set up (read next week\u2019s tip to learn more about this crucial step)<\/li>\n<li>Payment is made to Carleton\u2019s bank account<\/li>\n<li>Cash Office identifies the \u2018owner\u2019 of the payment from the remittance advice<\/li>\n<li>\u2026 and credits that department<\/li>\n<\/ol>\n<p><strong>Read next week\u2019s tip to find out how to receive your EFT payment in a timely manner.<\/strong><\/p>\n<h3>Related Tips<\/h3>\n<ul>\n<li><a href=\"https:\/\/carleton.ca\/facts\/2018\/what-you-need-to-know-about-accepting-electronic-fund-transfers-e-g-direct-deposit-and-wire-transfer-2-of-2\/\">(2 of 2)\u00a0What you need to know about accepting electronic fund transfers (e.g. direct deposit and wire transfer)<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I am Diana Pruss, the Cash Office Supervisor.\u00a0 Carleton University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL.\u00a0 I\u2019d like to share some information that will help ensure that you better understand and receive your EFTs in a timely manner. What is an electronic fund transfer (EFT)? [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is an electronic fund transfer (EFT) and why would I accept one? 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