Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
EFTPOS
EFTPOS stands for electronic fund transfer at point of sale. It is a method of payment allowing you to pay for purchases by debiting the amount directly from your savings account. The debit card is usually also your ATM card, which you present to the counter upon checkout. You will be required to enter your PIN to complete the payment. This saves you the extra step of withdrawing from an ATM to make your purchase. Some banks will give you a second code designed specifically for EFTPOS points, which protects your card from unauthorized use.
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