mr. stasa – willoughby-eastlake city schools ©. essential question #8 in your opinion, how has...
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Mr. Stasa – Willoughby-Eastlake City Schools ©
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Essential Question #8
In your opinion, how has technology improved and/or damaged the banking industry?
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What is Electronic Banking? Electronic funds transfer (EFT) is the
electronic movement of money
EFT can accomplish the following: Withdraws Deposits Bill payments Transfers
EFT is completed by: Smart phones Computers ATM POS (Point of Sale Terminal)
https://www.youtube.com/watch?v=GEAvIk9js5E
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Debit Cards
Debit Cards withdraw money from the cardholders account when making payments
Plastic cards, which look like credit cards,
Used at POS or ATMs
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Accessing Your Account
Debit cards require the use of PIN (Personal Identification Numbers)
A PIN is a 4-digit code that confirms an individual is authorized to access a particular account.
A PIN is used at Automated Teller Machine (ATM)
or Point of Sale Terminal (POS)
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POS
Point of Sale (POS) Terminals, are located at stores and allow the customer to use a debit or credit card to make a purchase
You may request cash back in addition to your payment amount
https://www.youtube.com/watch?v=VdNvuF5UNq8
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Debit or Credit?
When using your debit card as a debit transaction, you are required to enter your PIN (fees may be assessed)
When using your debit card as a credit transaction, you are required to provide your signature (the retailer pays the fee)http://wreg.com/2014/09/24/using-debit-cards-at-gas-pumps-can-cost-more-
than-you-realize/
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ATM
Automated Teller Machines (ATMs) offer automated, computerized banking
Transactions may include: Deposits Cash withdrawals Transfers between accounts Account balance information
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http://www.youtube.com/watch?v=VHV_qymEjnA
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Insufficient Funds (New in 2010)
Opt-in (by default) If there are insufficient funds,
the transaction will clear but the consumer will be charged $20-30 per transaction
Opt-out The transaction will be
declined, and no fee will be chargedhttps://www.youtube.com/watch?v=1W2i-TOCY54
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Online Banking
Completing certain
transactions from a secured
Internet site
Use a username and password
Access account information
Transfer money
Pay bills/set up recurring bill
payment
Apply for credit
http://www.youtube.com/watch?v=KQbtSsK2NEk