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3.2 Electronic Banking

Electronic Banking ? bank customers can use telephone, computer

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3.2 Electronic Banking

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    1. 3.2 Electronic Banking

    2. Electronic Banking – bank customers can use telephone, computer & other technologies instead of writing checks & making loan payments Electronic Funds Transfer (EFT) – computer makes transfers of funds Magnetic Ink Character Recognition (MICR) – small #s @ bottom of checks & deposit slips w/ banking routing # & acct # that is read by a computer

    3. EFT ATM (AutoTeller Machine) – uses PIN (Personal Identification Number) - must use same logo machine as on your card or pay a fee Direct Deposit – employer electronically deposits $ into your acct Debit Card – like writing a check w/out the paper (often your ATM card)

    4. Recording Electronic Transactions Do same way for debits (-) & credits (+) in checkbook register Save receipt & immediately record to keep up-to-date

    5. Example Fred Wilhelm began the day with a $782.88 balance in his checking account. During the day he used his debit cad to pay $85 for car repairs and $86.54 for a clothing purchase. Fred also withdrew $50 from his account at an ATM machine. What was the balance of Fred’s checking account at the end of the day?

    6. Wrap It Up

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