G10 Chapter 6 Banking Applications

ATM stands for :

• Automated Teller Machine

• Automatic Teller Machine

• Autonomous Teller Machine

• Automatic Tell Machine

Credit cards are equipped with a chip and/or a magnetic stripe which contains key information like the PIN

• TRUE

• FALSE

Cheques need not always go through a clearing center

• TRUE

• FALSE

In EFT, actual money is not transferred

• TRUE

• FALSE

In order to withdraw cash from the ATM, the card must have a PIN that matches what the user has entered, sufficient funds must be available to withdraw in the bank and the card should not have expired

• TRUE

• FALSE

Telephone banking can take longer than internet banking

• TRUE

• FALSE