The receiving NCC processes the data and forwards it to the beneficiary bank. The bank branch credits the beneficiary account on the same business day of receiving the transfer request. Benefits of EFT System Having explained EFT meaning in banking, let us examine its many noteworthy benefits. Th...
Collections Accounthas the meaning given to such term in Section 3.01(a) hereof. Disbursement Accountmeans, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts. Special Accountmeans the account referred to in Section 2.02 (b) of ...
Please note that in order to change/update you're banking details we would require the following: Bank confirmation letter/bank statement Confirm if the bank account is a Registered Public Beneficiary/Recipient with the other banks? (Some institutions, such as SARS, Municipalities or Department...
Any electronic payment sent using bank account informationIf you’re unsure whether to classify something as an EFT, there’s a simple way to check: If the payment is sent electronically – meaning that no cash or paper cheques are exchanged – then the transaction is an EFT. How long do...
Any electronic payment sent using bank account informationIf you’re unsure whether to classify something as an EFT, there’s a simple way to check: If the payment is sent electronically – meaning that no cash or paper cheques are exchanged – then the transaction is an EFT. How long do...
A plastic card that may be used for purchasing goods and services or for obtaining cash advances for which payment is made from existing funds in a bank account. Because a debit card provides about the same float as a checking account (one to three days), it is a less desirable method ...
Credit/debit cards – You can also make EFT payments with a credit or debit card. You can use your card to move money from a business bank account, make purchases, or pay bills. Wire transfers– Electronic money transfers that are typically used to send large sums of money, for example,...
The client has agreed to pay with an EFT, so NovaByteLine needs to provide their bank account information to the client. Once they have the details they need, the client will use their bank’s website or app to initiate a transfer to NovaByteLine’s account. The transfer will be ...
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The Bank is a member in good standing of theEFT Networksidentified on Schedule 6.9 attached hereto. The Internet device used by Merchant must meet or exceed the minimum communication and encryption protocol set forth by theEFT Networks.