By our reporter

A number of DFCU bank customers using Electronic Fund Transfer (EFT) to access their monthly salaries are furious after the collapse of the system.

Employees from several organizations using the bank’s EFT are yet to receive their last month’s salaries due to system failure.

According to Eagle online, when some of the aggrieved clients contacted the Bank Management, they were told the system had crashed but working hard to restore it.

Though DFCU could not definitively give a timeline on when the system crash will be rectified, a source knowledgeable with the banking sector warned that the bank is suffering “excess customer stress”.

EFT is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee’s bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments.

Comments