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 benefits
to both online and traditional
banking.
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.
