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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