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Section 2 17 Chapter Financial Services & Electronic Banking
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Whatever your needs, a financial institution can provide services for various personal and business activities. Savings Services Payment Services Lending Services Electronic Banking Storage of Valuables Investment Advice Management of Trusts Types of Financial Services
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Safe storage of funds for future use is a common need. One of the main services that financial institutions offer is accepting money from customers for safekeeping. A number of service plans is available for this purpose. Savings Services
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The ability to transfer money to others is necessary for daily business activities. Types of payment services include checking accounts, debit cards, and online payments and automatic withdrawals. Payment Services
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Most people, businesses, and governments borrow money at some time. Banks offer many types of lending services. These include auto loans, business loans, and mortgages. Another way that banks lend money is by sending several checks with customer’s credit card statement. Lending Services
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Electronic funds transfer (EFT) refers to the use of computers and other technology for banking activities. Electronic banking services include the use of automated teller machines (ATM), Point-of-sale transactions, direct deposit, and automatic bill payment. Electronic Banking
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Banks offer safe-deposit boxes for storage of valuables. These are well-guarded vaults. Only you or someone to whom you have given the right to open the box may open it. Not even the bank has the right to open your safe-deposit box unless it is ordered to do so by a court. They are rented by the year. Storage of Valuables
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Many financial institutions help customers by offering financial advice and investment services. These advisors can assist customers about whether it is wise to buy a certain house, how to manage money better, or how to exchange U.S. funds for foreign currency. Investment Advice
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Many banks manage investments on behalf of customers. When they do this, the money or other property that is turned over for the bank to manage is said to be help in trust. This service can be offered through a trust company or through trust departments in banks. Management of Trusts
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Regular Checking Accounts Interest-Earning Checking Accounts Special Checking Accounts Types of Checking Accounts
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When selecting a checking account, evaluate the following items… Minimum balance Interest rate earned, if any Monthly service charge Fees for other services, such as printing checks and stop payment orders Other restrictions Compare Checking Accounts
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E-banking services Automatic Teller Machines Payments at the Point-of-Sale Direct Deposit Automatic Bill Payments Electronic Banking
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Debit Card Transactions Online Payments Stored-value Cards Smart Cards Electronic Payment Options
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The way you use banks and money will continue to change. Electronic financial services will be combined with wireless technology. You will be able to do almost any transaction away from the financial institution. Banking in the Future
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Today’s Assignment Develop at least 10 multiple choice questions to use as a review of the main types of financial services.
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