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