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Electronic Banking encompasses various technologies including online internet banking. Electronic Banking generally include Telephone Banking, ATM, MAESTRO and CIRRUS, MobileBank, EFTPOS and EFTPOB. The purpose of Electronic Banking is to enable quick convenient deposit, withdrawal and transfer of funds whilst updating account balances.
Telephone Banking is an automated banking service which is accessible by telephone making it very convenient, reasonably secure and easy to use. It is generally available 24 hours a day 7 days a week. Telephone Banking allows the user to perform basic banking transactions at a time and place that suits them. Details of transactions and account balance information is accessed by using a password, access code or Personal Access Number.
- Telephone Banking is convenient, secure and easy to use
- Telephone Banking allows management and access of accounts faster
- Telephone Banking is convenient, as it allows account access from the home or office
- The Account holders ( customers ) save money by paying less bank fees
- Telephone Banking allows the payment of bills directly from the bank account
- Telephone Banking allows the transfer of funds between the users own accounts
- Account holders ( customers ) can listen to account balances including transaction listing
- Changing account passwords or an access code is simple
- Many systems allow retrieval of account interest details from the previous financial year
- Account holders ( customers ) can check minimum payment due and available credit, in credit accounts
- Account holders ( customers ) can request current and previous statements for credit card, savings, cheque or loan account
- Account holders ( customers ) can transfer funds to pay Credit Cards or make additional payments to Home Loans
- Telephone Banking systems allow the ability to stop checks ( cheques )
- Telephone Banking usually has the ability to obtain latest foreign currency exchange rates
- Reporting cards lost or stolen is immediate
MAESTRO and CIRRUS are an international EFTPOS (Electronic Funds Transfer at Point of Sale) and ATM (Automatic Teller Machine) networks that enable the user to access available funds in their account via a plastic keycard. MAESTRO allows the consumer to pay for purchases with EFTPOS (Electronic Funds Transfer at Point of Sale) anywhere the MAESTRO logo is displayed. CIRRUS allows cash withdrawals and enquiries at the ATM when the CIRRUS logo is displayed. The introduction of MAESTRO and CIRRUS has provided the consumer with the convenience of 24/7 banking access all around the world.
- ATM's, MAESTRO and CIRRUS are very convenient and easy to use
- Account holders ( customers ) can check balances and print transaction list*
- ATM's, MAESTRO and CIRRUS attract less fees than in branch banking services
- The account holders ( customers ) can transfer funds between linked accounts on keycards*
- Keycards provide access to the users accounts ( facilitating spending tracking )
- Keycard provides access to several accounts linked to the card
- Funds may be immediately deducted from the account holders ( customers ) savings facilitating spending tracking
- Account holders ( customers ) use funds from savings accounts rather than credit accounts (theoretically this would help the Account holders ( customers ) to save money as the Account holders ( customers ) is not charged interest)
- Foreign transactions involve currency conversion immediately when keycard is inserted at the ATM (The account holder / customer saves time and money because there is no need to locate a money exchange to convert cash )
- All foreign transactions will appear on the account holder's ( customers ) statement
- ATM, MAESTRO and CIRRUS funds are protected by a PIN (Personal Identification Number)
*(Overseas services may be limited and may not include this service)
A keycard or debit card is usually a plastic card, similar in size to a credit card with a magnetically coded strip that is scanned in order to allow the account holder to obtain access to funds in their deposit account. A keycard can be used to withdraw cash from ATM's or pay for purchases via EFTPOS.
EFTPOS is an Electronic Funds Transfer at Point of Sale that allows the account holder to use a keycard to pay for purchases or withdraw cash from a merchant.
- Mobilebank allows users to check balances (including Transaction Accounts, Credit Cards, Term Deposits and Home Loans)
- Transfer funds between linked accounts (including Credit Cards)
- Pay your bills using Bpay
- Read and store transaction receipts
- MobileBank may only be available to certain telephone companies
ATM - Automatic Teller Machine
Automatic Teller Machines are an automated money dispenser that accept keycards to authenticate the user by means of PIN thereby allowing the user to access their savings, check (cheque), Home Loan and Credit Accounts. These machines allow the account holder to access their accounts for the purpose of making withdraws, deposits, funds transfers and obtaining account balances. ATM'S can be located at banking centers, shopping malls, shopping strips, convenience stores and sometimes within various business.
Features and Benefits of ATM :
- Transfer funds between linked accounts
- Deposit cash
- Obtain recent transaction lists
- Check account balances
- Make cash withdrawals
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