What does monthly EFT mean? Signing up for a gym membership and this is a payment option, please help!!!!!!!!!?
- 1 decade agoFavorite Answer
Electronic funds transfer. I.e., automatic withdrawal from your checking account. IMHO, a bad option for a gym because it can be hard to get them to stop making withdrawals.
- knowitallLv 71 decade ago
It stands for Electronic Funds Transfer. It is good for the Gym, bad for you. First of all, never sign a contract with them. They are hoping you will stop coming after a few weeks but they will continue to get paid for the entire membership period - 2 years usually. They will take it out of your checking account and you cannot stop it if you signed a contract. Pay by check or credit card monthly. That way when you decide to stop going, you can stop paying.
- Anonymous5 years ago
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- CatDadLv 71 decade ago
Electronic Funds Transfer...
Get a month to month account, even if it's more expensive. If you sign a 2-year contract and you stop going, you'll be responsible for the remaining contract balance.
- nicoleLv 51 decade ago
This means electronic funds transfer. DO NOT go with this option because they will take money out of your account automatically. It makes it harder for you to stop this action if you decide NOT to continue with your membership unless you close out your bank account. I would not do this, even if you save a little money.
- Genuine GuidanceLv 71 decade ago
It means they automatically deduct the dues on the date they are due rather than you going in and making a payment, or mailing one etc. You don't have to do anything, except have the money in your account to cover the dues you owe.
- 1 decade ago
yes that is what it meens but no it is not hard to have them stop making withdrawls...but when you do this make sure you tell them a full 3 weeks ahead of when you want to quit so that it wont withdrawl.Source(s): i work at a gym
- Anonymous5 years ago
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