Electronic banking or Electronic Fund Transfer or EFT) uses computer and electronic technology as an alternative for checks and other paper transactions. It involves many several types of transactions. You can access your hard earned money through an automated teller machine (ATMs), the net (Internet and Online Banking), calling (Pay-By-Phone) or Direct Deposit Desktop server rams in Kenya of paychecks into checking or savings accounts.
With internet banking you are able to perform transactions over the internet through a secure bank website. Electronic banking is extremely ideal for banking outside bank hours and for banking from anywhere where access to the internet is available.
Electronic Fund Transfers (ETF's) are often initiated through devices like debit cards or codes that enable you to access your account in a safe way. Many financial institutions such as for instance banks and credit unions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. Some financial institutions use other kinds of debit cards such as for instance those who require a trademark or a scan.
Electronic Fund Transfers (ETF's) offer various services to consumers.
1. Online Banking (Internet Banking or Personal Computer Banking)
Lets you handle many banking transactions using your personal computer. With access to the internet and a computer, you are able to view your account balance, request transfers between accounts, and pay bills electronically over the internet. Online banking also offers such features as electronic bill payment and usage of downloadable bank statements which may be imported in an individual finance program.
2. ATM's or Automated Teller Machines (24-hour Tellers)
They are electronic terminals that enable you to bank almost any time. You need to use them to withdraw cash, make deposits, or transfer funds between accounts by inserting an ATM card and entering your PIN. Some financial institutions and ATM owners charge a fee for this service but they're required to inform you they charge a fee and its amount before you complete the transaction.
3. Direct Deposit Facility & Direct withdrawals
Direct Deposit allows you to authorize specific deposits, such as for instance paychecks and Social Security checks, to your account on a regular basis. You may also pre-authorize direct withdrawals so that recurring bills, such as for instance personal loans, insurance premiums, mortgages, and utility bills, rent, and etc are paid automatically.
4. Pay-By-Phone
This lets you call your bank or credit union with instructions to pay for a bill or even to transfer funds between different accounts. To make such transfers, you must have an agreement with the institution.
6. Point-of-Sale Transfers
Lets you spend for purchases with a debit card or an ATM card. A debit card purchase transfers money from your own bank-account to the store's account.
7. Electronic Check Conversion
This method converts a document check into an electronic payment at the idea of sale or elsewhere.
Electronic banking services differ between different banks, credit unions and other financial institutions. If you select that you intend to use electronic banking then you definitely should shop around for probably the most suitable package that meets your needs.
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