28-07-2011, 12:45 PM
PROJECT SYNOPSIS.docx (Size: 31.77 KB / Downloads: 181)
Electronic Banking
For many consumers, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions.
Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology as a substitute for checks and other paper transactions. EFTs are initiated through devices like cards or codes that let you, or those you authorize, access your account. Many financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. Some use other forms of debit cards such as those that require, at the most, your
signature or a scan. The federal Electronic Fund Transfer Act (EFT Act) covers some electronic consumer transactions.
Electronic banking service
1.Autobank Services
Business owners are busy people who cannot afford to spend too much time on banking matters. Fortunately banks now offer various time-saving electronic solutions.All people can have access to electronic banking services. In each town or city the different banks provide electronic facilities for the benefit of their clients.Even the bigger garages offer automatic banking facilities, called autobanks, where people can do their banking without queuing inside the bank. The following transactions can be done at an autobank:
• draw cash
• deposit money or cheques
• get a balance enquiry
• get mini-statements
• make internal account transfers
2. Online Banking Services
This service makes it possible to conduct your banking from the comfort of your home or office.
Cell phone Internet ServicesThis system allows you to access the bank’s cell phone banking service via the Internet using your cellphone. The following transactions can be conducted:
• Get balance enquiries
• Make account payments
• Make inter-account transfers
• Get mini-statements of the last five transactions
• Recharge MTN and Vodacom prepaid airtime
• Increase or decrease your overdraft limit
3. Telephone Banking Services
Your telephone gives you access to your bank accounts 24 hours a day, seven days a week. You can do your banking from your home or office, from your car, and even the beach.Once you have registered for telephone banking services, you can:
• make payments
• transfer money between your linked accounts
• receive fax confirmation of transactions and copies of your statements
• get balance enquiries on all your linked accounts
• increase or decrease overdraft limit
• recharge prepaid airtime on cell phones
• confirm transactions per fax
• receive statements per fax