Electronic Banking
- Topics:
- Commercial Banking
- Source:
- Federal Trade Commission
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Overview: This article is about the electronic banking, it defines the advantages of using this services and explain the errors that occur at the time of using the this service. For many consumers, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology as a substitute for checks and other paper transactions. EFTs are initiated through devices like cards or codes that let you, or those you authorize, access your account. Many financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. The federal Electronic Fund Transfer Act (EFT Act) covers some electronic consumer transactions.
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Format: HTML | Date: Jan 2003 | Pages: 1
