Internal Controls for Banking Activity - Financial Accountin

The video tutorial discusses banking activities, focusing on internal controls. It covers basic banking services, such as bank accounts, and explains the importance of internal controls like check authorization and bank deposit tickets. The tutorial also delves into electronic fund transfers (EFTs), highlighting the need for security measures to protect against unauthorized access. The video concludes with a summary of the discussed internal controls.

Describe what electronic fund transfers (EFTs) are.

What internal controls should be considered with the use of EFTs?