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Online banking
Online banking
Online banking
Online banking
Online banking
Online banking
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Online banking

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  • 1. EPF.12d differentiate among types of electronic money transactions EPF.12g compare costs and benefits of online and traditional banking
  • 2. There are several types ofelectronic money transactions
  • 3.  direct deposit remote deposits check cards and debit cards automated teller machine (ATM) banking online banking and bill paying online investments wiring of funds. The Automated Clearing House (ACH) is the system used to process electronic monetary transactions. The Check Clearing for the 21st Century Act, or Check 21, makes check processing easier and less expensive for financial institutions by creating substitute checks that can be exchanged electronically.
  • 4. There are costs and benefitsto both online and traditionalbanking.
  • 5. Benefits of traditional banking may include comfort of the familiar confidence about privacy and security availability of expert advice and customer service.Costs of traditional banking may include limited access more paper to file possible account fees.
  • 6. Benefits of online banking may include convenience 24-7 availability ease of updating transaction records.Costs may include time to learn system concern about privacy and security reduced relationship with bank possible account fees.

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