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Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
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Money can then be withdrawn years later for any reason up to the value of the receipts. [25] When a person dies, the funds in their health savings account are transferred to the beneficiary named for the account. If the beneficiary is a surviving spouse, the transfer is tax-free.
Electronic money transfers are the fastest and most convenient way to move funds, whether you're splitting a restaurant bill with friends or sending a birthday gift to a relative. However, with all...
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