ELECTRONIC BANKING
| Financial Transactions Through Electronic Banking |
 |
| Automated Teller Machines Allow customers to obtain cash and conduct banking transactions; some ATMs sell bus passes, postage stamps, gift certificates, etc. Automatic Payments Utility companies, loan payments, and other businesses use an automatic payment system with bills paid through direct withdrawal from a bank account. Cyberbanking Banking through online services. Banks with website 'cyber' branches allow customers to check balances, pay bills, transfer funds, compare savings plans, and apply for loans on the Internet. Direct Deposit Earnings (or government payments) automatically deposited into bank accounts, saving time, effort and money. Electronic Cash Companies are developing electronic replica of all existing payment systems: cash, check, credit cards and coins. Phone Banking Phone banking services allow customers to conduct their banking transactions from any touch-tone telephone around the world, any time of the day. Customers can check account balance, pay credit card bills, make third party payments such as cashier's order, demand draft or telegraphic transfer, stop a cheque payment or set up new time deposit accounts. Point-of-sale Transactions Acceptance of ATM, debit and credit cards at retail stores and restaurants for payment of goods and services. Store-value Cards Prepaid cards for telephone service, transit fares, highway tolls, laundry service or library fees, etc. |