Mr. Stasa – Willoughby-Eastlake City Schools ©

Essential Question #8

In your opinion, how has technology improved and/or damaged the banking industry?

What is Electronic Banking? Electronic funds transfer (EFT) is the

electronic movement of money

EFT can accomplish the following: Withdraws Deposits Bill payments Transfers

EFT is completed by: Smart phones Computers ATM POS (Point of Sale Terminal)

https://www.youtube.com/watch?v=GEAvIk9js5E

Debit Cards

Debit Cards withdraw money from the cardholders account when making payments

Plastic cards, which look like credit cards,

Used at POS or ATMs

Accessing Your Account

Debit cards require the use of PIN (Personal Identification Numbers)

A PIN is a 4-digit code that confirms an individual is authorized to access a particular account.

A PIN is used at Automated Teller Machine (ATM)

or Point of Sale Terminal (POS)

POS

Point of Sale (POS) Terminals, are located at stores and allow the customer to use a debit or credit card to make a purchase

You may request cash back in addition to your payment amount

https://www.youtube.com/watch?v=VdNvuF5UNq8

Debit or Credit?

When using your debit card as a debit transaction, you are required to enter your PIN (fees may be assessed)

When using your debit card as a credit transaction, you are required to provide your signature (the retailer pays the fee)http://wreg.com/2014/09/24/using-debit-cards-at-gas-pumps-can-cost-more-

than-you-realize/

ATM

Automated Teller Machines (ATMs) offer automated, computerized banking

Transactions may include: Deposits Cash withdrawals Transfers between accounts Account balance information

http://www.youtube.com/watch?v=VHV_qymEjnA

Insufficient Funds (New in 2010)

Opt-in (by default) If there are insufficient funds,

the transaction will clear but the consumer will be charged $20-30 per transaction

Opt-out The transaction will be

declined, and no fee will be chargedhttps://www.youtube.com/watch?v=1W2i-TOCY54

Online Banking

Completing certain

transactions from a secured

Internet site

Use a username and password

Access account information

Transfer money

Pay bills/set up recurring bill

payment

Apply for credit

http://www.youtube.com/watch?v=KQbtSsK2NEk