Business Math 3-2 Electronic Banking. Start up Marc uses his charge card to pay for almost everything he buys. Lenore pays for most of her purchases with.

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Presentation transcript:

Business Math 3-2 Electronic Banking

Start up Marc uses his charge card to pay for almost everything he buys. Lenore pays for most of her purchases with a debit card. Which approach is best? Math Builder page 90

Electronic Banking Electronic banking allows computers to be used in place of paper transactions. Electronic fund transfer – banks use computers to transfer deposits or checks from one bank to another or from person to person One the bottom of a check there is the routing number written in MICR (magnetic Ink Character Recognition

Electronic Banking continued ATM or automatic Teller Machines can also transfer funds electronically. Customers can make withdrawals or deposits at ATMs. If you use an ATM that is not at the bank you have your accounts you may get charged. Each ATM or Debit card has a PIN Personal Identification Number associated with it. EFT can be used for your pay check so that it is deposited without the person having to go to the bank. This is called direct deposit.

Electronic Banking Continued Debit card purchases are removed from your account immediately. Most banks have their ATM card the same as their Debit card

Recording Electronic Transactions When ever you use your debit card – save the receipt. In your check register you can enter ATM- WD or ATM-DEP for withdrawals and deposits respectively. Example 1 page 92 Check for understanding A and B Wrap up