12 terms

5. Online and Electronic Banking

Online banking and electronic banking
Also known as internet banking. Allows cunsumers to complete transactions with wireless technology.
Online Banking
A consumer may approve an automatic payment to be processed for a specific amount on a specific date.
Recurring Payment
Allows consumers to send money from one account to a vendor.
Online Payment
This outlines how a consumer's information will be used and protected.
Privacy Policy
This covers all electronic fund transfers.
Regulation E
A plastic card that looks like a credit card but is electronically connected to the card holder's depository institution.
Debit Card
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.
Float Time
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.
Direct Deposit
Authorized bills to be paid by a specific depository institution account.
Direct Payment
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