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E-F-T stands for Electronic Fund Transfer. This service enables TRS retirees to have their monthly benefit payments (and other distributions) electronically forwarded to their checking or savings account. In-service members who are paid on the City of New York payroll through direct deposit may choose EFT for their QPP and TDA loans and TDA direct withdrawals. EFT allows members' accounts to be credited on the payment date and safeguards against delayed, lost, or stolen checks.