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GEORGIA TECHNOLOGY AUTHORITY AUTHORIZATION AGREEMENT FOR AUTOMATIC DEPOSIT OF NET THROUGH ELECTRONIC FUNDS TRANSFER, authorize The Georgia Technology Authority to deposit my net pay directly into
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Electronic funds transfer is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
Entities and individuals who need to transfer funds electronically for various purposes such as payroll, bills payment, and business transactions are required to file through electronic funds transfer.
To fill out through electronic funds transfer, one must first have the necessary details such as the recipient's account information, the amount to be transferred, and any specific instructions. This information is then inputted into the electronic funds transfer system provided by the financial institution.
The purpose of electronic funds transfer is to facilitate a convenient, secure, and efficient way to transfer money between accounts electronically, reducing the reliance on paper-based transactions.
Information such as the sender's account details, recipient's account details, transaction amount, and the purpose of the transfer must be reported on through electronic funds transfer.
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