Electronic
Banking
Financial transactions on the Internet
Direct deposit
Earnings (or government payments) automatically deposited into bank accounts,
saving time, effort, and money.
Automatic payments
Utility companies, loan payments, and other businesses use an automatic payment
system with bills paid through direct withdrawal from a bank account.
Automatic teller machines
Allow customers to obtain cash and conduct banking transactions; some ATMs
sell bus passes, postage stamps, gift certificates, and mutual funds.
Point-of-sale transactions
Acceptance of ATM/check cards at retail stores and restaurants for payment
of goods and services.
Stored-value cards
Prepaid cards for telephone service, transit fares, highway tolls, laundry
service, library fees, and school lunches.
Electronic cash
Companies are developing electronic replicas of all existing payment systems:
cash, check, credit cards, and coins.
Cyberbanking
Banking through online services. Banks with Web site "cyber" branches allow
customers to check balances, pay bills, transfer funds, compare savings plans,
and apply for loans on the Internet.
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