\ˈeft \

Definition of eft 

(Entry 1 of 2)

: newt especially : the terrestrial phase of a predominantly aquatic newt

variants: or EFTS

Definition of EFT (Entry 2 of 2)

electronic funds transfer (system)

Examples of eft in a Sentence

Recent Examples on the Web: Noun

So all that's eft for the Democrats to prattle on about are all these side issues, like Cable News Catnip, irrelevant to the loves of most people. Fox News, "Former Miss America on pageant dropping swimsuit competition," 6 June 2018 T'd up: Cousins was called for a technical foul with 4:47 eft in the second quarter, his eighth of the season. William Guillory, NOLA.com, "Pelicans fall to Rockets despite personal, franchise bests: Final score, stats and recap," 12 Dec. 2017 The Efts have hand-picked eight of their own tunes for the This Music is Probably Too Geeky for You collection. Geekdad Rewind, WIRED, "GeekDad HipTrax #70 (GeekDad Weekly Rewind)," 24 Apr. 2011

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'eft.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of eft


before the 12th century, in the meaning defined above

History and Etymology for eft


Middle English evete, ewte, from Old English efete

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Dictionary Entries near eft

E-flat minor







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Time Traveler for eft

The first known use of eft was before the 12th century

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More Definitions for eft

Financial Definition of EFT

What It Is

An electronic funds transfer (EFT) is a transaction that takes place over a computerized network, either among accounts at the same bank or to different accounts at separate financial institutions.

How It Works

EFTs include direct-debit transactions, wire transfers, direct deposits, ATM withdrawals and online bill pay services. Transactions are processed through the Automated Clearing House (ACH) network, the secure transfer system of the Federal Reserve that connects all U.S. banks, credit unions and other financial institutions.

For example, when you use your debit card to make a purchase at a store or online, the transaction is processed using an EFT system. The transaction is very similar to an ATM withdrawal, with near-instantaneous payment to the merchant and deduction from your checking account.

Direct deposit is another form of an electronic funds transfer. In this case, funds from your employer’s bank account are transferred electronically to your bank account, with no need for paper-based payment systems.

Why It Matters

The increased use of EFTs for online bill payments, purchases and pay processes is leading to a paper-free banking system, where a large number of invoices and payments take place over digital networks. EFT systems play a large role in this future, with fast, secure transactions guaranteeing a seamless transfer of funds within institutions or across banking networks.

EFT transactions, also known as an online transaction or PIN-debit transaction, also offer an alternative to signature debit transactions, which take place through one of the major credit card processing systems, such as Visa, MasterCard or Discover, and can cost as much as 3% of the total purchase price. EFT processing, on the other hand, only charges an average of 1% for debit card transactions.

Source: Investing Answers

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