CHAPTER 5 ELECTRONIC BANKING AND OTHER SERVICES

The card you use to both access funds in your bank account and pay for goods and services is:

• a credit card

• a birthday card

• a gift card

• a debit card

What can I NOT do with a debit card?

• withdraw money at an ATM

• deposit money at an ATM

• transfer money from one of my accounts to another

• transfer money to another person's account

When I use my debit card, the money is almost immediately taken from my account.

• true

• false

If I have an account and a debit card, the financial institution will automatically issue me a credit card, too.

• true

• false

Electronic movement of money from one account to another

• Electronic funds transfer

• overdraft protection

• direct deposit

• online banking

Electronic banking (E banking), also known as electronic funds transfer (EFT), is simply the use of electronic means to transfer funds directly from one account to another, rather than by check or cash.

• True

• False

________________________ which include an Automated Teller Machine (ATM), Cash Deposit Machine (CDM), Cheque Deposit Machine (CQM) and any other self-service machines installed by the Bank or a shared interbank Network for the use of the Cardholders.

• Mobile Banking

• Internet/Personal Banking

• Self Service Terminal

• Debit Card Purchase Transaction

A ______________ is a plastic (or occasionally titanium) card that provides an alternative payment to cash when making purchases in which the issuer and the cardholder enter into an agreement that the debt incurred on the charge account will be paid in full and by due date (usually every thirty days) or be subject to severe late fees and restrictions on card use.

• Debit Card

• Credit Card

• Charge Card

• Prepaid Card

The ____________________ is an instrument issued by the bank on the behalf of a customer, containing an order to pay a certain sum to a specified person, within the city.

• Demand Draft

• Bankers’ cheques

• Telegraphic Transfer

• Travellers’ cheques

____________________ is a negotiable instrument issued by the bank on the behalf of a customer, containing an order to pay a certain sum to the payee from one branch to another branch of the same bank.

• Demand Draft

• Bankers’ cheques

• Telegraphic Transfer

• Travellers’ cheques