EFT is provided by the Automated Clearing House Network, a secure governmental orginization that processes electronic transfer of funds.

Does ACH move transactions for VISA? An official at that organization said "...Several credit unions are members of the Visa ACH, typically they only receive transactions. A lot of credit unions are members of the Visa ACH through their Corporate Credit Unions (WesCorp in California and Empire Corp C U in New York)"

Scams:

Just because someone says they "wired money" into your account, does not mean they wired money into your account. Some scammers tell you they wired the money to your bank account then say, "Oops, we wired you too much, it was supposed to be $4000. Typos happen." So they ask you to please wire them back the difference of $10,000. So, there must be $14,000 there, right? WRONG! The scammer lied to you. He did not really wire money to you. What he really did was send a fake cashier's check to your bank to deposit into your account.

You even checked and saw there was $14k in your account because your bank posted the funds before the check bounces a few days from now. Why did this scam work? Because you gave them your bank account information, and you thought they wired you cash, which they did not. Call your bank and verify that the money is actually from a wire transfer.

see also:

• Automated Clearing House network? Rule book in house (see James or Jim Danforth)
  • Publications for rules and regulations
  • IRS approval of EFTPS in CA pilot
• iquest
• direct deposit developers page