Banking application

What is one advantage of using Automated Teller Machines (ATMs)?

• possible to withdraw at any time of the day
• not internationally accepted
• can be charged high interest rates
• slow method of payment

Which of the following is a disadvantage of Electronic Funds Transfer (EFT)?

• the bank transaction can’t be reversed without full dispute investigations
• requires a special hardware device
• always guarantees the recipient’s identity
• it is the slowest payment method

What is a feature of credit/debit cards that enhances security?

• chip houses essential data like the PIN
• can only be used in physical stores
• always require a signature
• they have lower transaction fees

Which of the following describes a disadvantage of using cheques?

• slow method of payment
• always accepted
• more convenient than cash
• can be instantly cashed

What is a benefit of internet banking?

• convenience and availability
• only available during bank hours
• requires in-person signature
• higher fees than traditional banking

Which of these is NOT a benefit of using credit cards?

• can make purchases online
• internationally accepted payment method
• interest-free loan if money is paid back within the agreed time period
• customer protection if ordered goods don’t arrive

What is a potential risk associated with using ATMs?

• potential for shoulder surfing
• always located in secure areas
• immediate access to large sums
• no risk of theft

What is the main purpose of Electronic Funds Transfer (EFT)?

• to send money transfer instructions directly to a bank's computer system
• to physically transfer cash between banks
• to ensure credit card transactions are secure
• to allow cash payments without fees

What is one disadvantage of using debit cards?

• less customer protection if goods don’t arrive
• immediate access to credit
• does not come with a PIN
• better protection than credit cards

What is a significant risk of internet banking?

• more risk of fraud
• always protected by insurance
• no banking fees
• better interest rates than banks