How banking has changed over time

Paperchecks

• not used as much as how they used to nawadays, cannot access the money straight away

• 1550

• 1960

• used alot nowadays especially more than mobile devices, transfers money fast

Credit Card

• allows you to borrow money from bank and lets you pay it back at a later date

• 1960

• withdraws directly from savings account but does not build credit score

• 1951

Teller

• 1970

• a bank employee who deals directly with customers

• 1960

• Tells fortune of future bank balance

ACH

(definition)

• automated clearing house (1972)

• pre-authorized deposits or withdrawals

• set up on a recurring schedule(monthly savings, utility bills, etc.) or one time payments

• automated center home, ATM required

ATM

• automated teller machine(1967)

• Withdrawal limit, depending on your credit score

• only at local chase bank(1984)

• allows basic banking transactions

debit card

• automatically withdraws money when spent

• 1970s-now

• may have a certain amount of limit to spend depending on bank

• raises credit score but checks are more common

Online Banking

• 1994

• when you can control all aspects of your account through the internet

• 1990s-2000

• banking services where customers can manage most aspects of their accounts over the internet

wire transfer

• 1994

• electronic funds transfer from one person to another

• useful for one time, on demand payments especially across different countries

• 1995

Online bill payment

• a feature of online banking that allows customers to transfer money from their account to pay bills

• bills that are set online

• 1995

• a feature of atms that allows customers to transfer money fro their account to pay bills

contactless payments

• credit and debit cards with a chip, key fobs, smartphones that use radio-frequency identification

• samsung pay, apple pay, google pay, etc.

• 2008

• cash only payments