Banking facilities today
Modern banking terminology
- Electronic funds transfer(EFT). This is used for paying by Chip and PIN in shops and transferring from one bank account to another, anywhere in the world. It may be a regular bill payment or payroll deposits.
- Automated teller machine (ATM). Normally installed in public places, these installation have a direct communications link to a bank.
- Credit and debit cards. Used as an alternative to cash, this allows stores and organizations to debit money from an account for good or services.
- Cheque clearing. When a payment is made by cheque, it is visually inspected before being posted to a clearing centre.
Modern communication methods and banking
- Telephone banking.
- Internet banking.
- Mobile phone access.
IGCSE ICT 