Shared Flashcard Set

Details

Electronic and Online Banking
Terms
12
Finance
12th Grade
11/13/2008

Additional Finance Flashcards

 


 

Cards

Term
What is Electronic Fund Transfer?
Definition
The electronic movement of money that allows electronic banking or e banking to be accomplished
Term
E-banking allo a person to make withdrawls, deposits, and bill payments by one of these methods
Definition
Phone, computer, ATM, Point of Sale Terminal
Term
What is a debit card?
Definition
Plastic cards which look like credit cards but are electronically connected to a card holders depository institutuion account.
Term
What is a Personal identification Number(PIN)?
Definition
A number that is evntered in at an ATM or POS
Term
ATM allow these transactions to occur...
Definition
Deposits, Cash withdrawls, Transfers between Accounts, Account balance info
Term
What is Point of Sale Terminal?
Definition
Are located at stores and allows the customer to use a debit card to make a purchase
Term
What is direct deposit?
Definition
Paychecks and benefit checks are directly deposited into a specified depository institution account.
Term
What is direct payment?
Definition
Authorizes bills to be paid by a specific depository institution account.
Term
What is a payroll card?
Definition
Reloadable cards linked to a credit card company, allowing employees to withdraw money from the ATM or purchase goods through POS
Term
What does the Check clearing for the 21st Century Act (Check 21) do?
Definition
Transfers checks electronically
Term
What is float time?
Definition
The time between writing the check to when the money is withdrawn from the depoistory institution account.
Term
What is the pay by phone system?
Definition
Allows the consumer to call a vendor with instructions to pay certain bills or to electronically transfer funds between accounts
Supporting users have an ad free experience!