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Definition of E-banking

Definition of E-banking

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Published by: haioood on Feb 07, 2010
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E-BANKING
DEFINITION OF E-BANKING
Electronic banking, also known as electronic funds transfer (EFT),is simply the use of electronic means to transfer funds directlyfrom one account to another, rather than by cheque or cash. Youcan use electronic funds transfer to:
Have your paycheck deposited directly into your bank or creditunion checking account.
Withdraw money from your checking account from an ATMmachine with a personal identification number (PIN), at your convenience, day or night.
Instruct your bank or credit union to automatically pay certainmonthly bills from your account, such as your auto loan or your mortgage payment.
Have the bank or credit union transfer funds each month fromyour checking account to your mutual fund account.
Have your government social security benefits check or your tax refund deposited directly into your checking account.
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E-BANKING
Buy groceries, gasoline and other purchases at the point-of-sale, using a check card rather than cash, credit or a personalcheck.
Use a smart card with a prepaid amount of money embedded init for use instead of cash at a pay phone, expressway road toll,or on college campuses at the library's photocopy machine or bookstores.
Use your computer and personal finance software to coordinateyour total personal financial management process, integratingdata and activities related to your income, spending, saving,investing, recordkeeping, bill-paying and taxes, along with basicfinancial analysis and decision making.
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E-BANKING
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