Do you know about EFT?

You've seen other people do it for years, they swipe a card or click a mouse and a purchase is made. But what is really happening is EFT (Electronic Funds Transfer). Whenever we swipe our cards and transfer money online, use an ATM, make an online purchase, inter-account transfer, direct deposit or online bill pay, we are using EFT.

EFT can be good for the environment. As many as 2.3 million tons of wood (about 16.5 million trees) would be saved every year if all U.S. households viewed and paid bills online instead of getting paper statements. The bad news, instead of someone stealing cash from your wallet, there’s the risk of identity theft. That’s why there are common safety features associated with EFT that help to authenticate the card and card holder:

• Signature verification
• Personal Identification Number (PIN)
• Magnetic strip information (on credit and debit cards)
• CVV code - printed into the signature panel on the back of your card
• Password protection (for online account access)

PIN and signature-based debit card use has topped $800 billion annually in recent years. Instead of carrying cash, we're using EFT by swiping our cards and clicking online, saving time and money.

To start using EFT, simply apply for a savings, checking, or credit card account. Soon you'll be able to access your funds quickly and efficiently. You should regularly monitor your scheduled bill withdrawals, direct deposits and online purchases to make sure that all transactions are legitimate.