---
title: What is an EFT?
description: Information about the funding method and how long transaction times take.
---

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# What is an EFT?

## Information about the funding method and how long transaction times take.

EFT stands for Electronic Fund Transfer - it is the backbone of the Canadian payment industry. When you trigger an add funds request (only available for [paid addyOne members](https://addyinvest.ca/about/membership/?hsLang=en)), EFT removes the funds from your account and sends the payment to someone else. 

If you have insufficient funds in your account at the time of withdrawal (not at the time of request), the EFT won’t work.

It can take up to 8 business days depending on your bank for the funds to fully clear, all funds will clear by 5am Pacific Time on the day in question, either the 7th or 8th business day after you initiate the deposit.

It takes 2-3 business days for the funds to be removed from your account. Ensure you keep enough money in your account to cover all EFT request to avoid unnecessary NSF charges. 

The above applies both to CAD and USD EFTs.

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