What is EFT and Why Do I Need It?

EFT stands for Electronic Funds Transfer. An EFT is not a wire transfer but works instead like direct deposit.  A link is set up between your brokerage account and your bank account so that withdrawals can be sent directly to the bank instead of a check by mail or overnight service. By setting up this feature on your account in advance, money transfers can be processed quickly, safely, and removes the need for your signature on a withdrawal form.
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