Electronic Funds Transfer (EFT) is the process by which a user of one bank can transfer money from their account to another by means of payment. It is also called direct deposit because it directly deposits money into the recipient's account without the need for physical documents such as documents and checks, nor for its accessibility. Electronic Funds Transfer Act. SC seq. EFTA and its regulations promulgated by the Federal Deposit Insurance Corporation FDIC, Reg EFR sect 205.16, require, in relevant part, that banks charging fees to non-bank cardholders for ATM withdrawals must: Show in a conspicuous place,