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5. Online and Electronic Banking
Online banking and electronic banking
Also known as internet banking. Allows cunsumers to complete transactions with wireless technology.
A consumer may approve an automatic payment to be processed for a specific amount on a specific date.
Allows consumers to send money from one account to a vendor.
This outlines how a consumer's information will be used and protected.
This covers all electronic fund transfers.
A plastic card that looks like a credit card but is electronically connected to the card holder's depository institution.
Allows a person to write a check even though there is not enough money in the account in hopes of depositing the money before the check is processed.
Personal identification number required for debit cards to be used.
This allows the consumer to call a company with instructions to pay certain bills or electronically transfer funds between accounts.
Pay by Phone System
Allows paychecks and benfit checks to be directly deposited into a specified depository institution account.
Authorized bills to be paid by a specific depository institution account.
An electronic computer terminal located at the checkout of a store, allowing the consumer to use their debit card to make purchases.
Point of Sale Terminal