Applications+in+Banking

=Applications in banking= (including Electronic Funds Transfer (EFT), ATMs for cash withdrawals and bill paying, credit/debit cards, phone banking and internet banking)

Cardholder-initiated transactions (a cardholder can makes use of a payment card)
Direct deposit payroll payments for a business to its employees Direct debit payments from customer to business Electronic bill payment in online banking, which may be delivered by EFT or paper check Wire transfer via an international banking network

ATM
An Automatic Teller Machine, or ATM, is a machine that lets people withdraw money from their personal bank accounts. Some ATMs also allow people to do more, for example, put money into your bank account, or check how much money there is in the bank account. People need a debit card or credit card in order to use an ATM. Although ATMs are easy to use, people could scam you, they could look over your shoulders and see your pin code, or install video cameras to record your pin code.

Credit Cards
A credit card is a card which allows people to buy items without money. What it does is that it charges the money needed to another persons/companies bank account, so that the person could pay later. If a person does not pay within a limit (usually a month) they will have to pay extra money, called interest.

Debit Cards
A debit card ,also known as an electronic cheque,bank card or check card, is a plastic card that provides another method of paying instead of using cash. There are special types of Debit cards that are mainly made for internet use, so that there is no physical card. The funds are transferred from the bearer's bank account instead of having the bearer to pay back on a later date. Debit cards can also allow for instant withdrawal of cash, and acting as the ATM card for withdrawing cash.

It offers virtually all the features of an ATM
to ensure security the customer must first answer some questions.

Online banking
Online banking, or Internet banking, allows customers to do financial transactions on a secure website operated by their retail or virtual bank. Funds transfer between a customer's own savings accounts, or to another customer's account. Can Invest on purchases or sale. Can apply for Loans and transactions, such as repayments. Personal financial management support. The consumer's banking information can be seen in one place and can monitor there own accounts.

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