An echeck is basically the online counterpart of the paper version of the checkbook.
An e check can only be initiated if and only if your bank account is linked to a Pay Pal account.
An e check is similar to the normal check as the funds are not transferred directly to your account but they are transferred after a period of three to four days.
Thus the e check acts like a normal check only that its working is through the internet.
Electronic Funds Transfer (EFT) is initiated when a computer based financial payment is made.
For example people who use credit cards, debit cards, bill payments, service payrolls etc that are made online and other such financial data transfers that are carried out using computer systems constitute EFT payments.
Automated clearing house processing is basically an online hub for the transfer of financial data throughout the United States.
A lot of electronic financial data like credit card and debit card amounts are routed through the ACH which processes them in batches.
ACH transfers include credit card transfers and service payroll data. The debit transfers include consumer payments for insurance claims, mortgage loans and bill payments.