In Part III of the EFT form, the account holder is asked to provide the account number and type for the account to be used for the electronic transfers. A checking account is a deposit account that allows for frequent withdrawals and deposits, making it suitable for making recurring payments or receiving direct deposits. A savings account, on the other hand, is designed for long-term savings and typically has stricter withdrawal limitations. The choice between a checking and savings account depends on the specific needs and preferences of the account holder.