Online BankingEPF.12d differentiate among types of electronic money

transactionsEPF.12g compare costs and benefits of online and traditional

banking

EPF.12d differentiate among types of electronic

money transactionsThere are several types of electronic money transactions

direct deposit remote deposits check cards and debit cards automated teller machine (ATM) banking online banking and bill paying online investments wiring of funds.

The Automated Clearing House (ACH) is the system used to process electronic monetary transactions.

The Check Clearing for the 21st Century Act, or Check 21, makes check processing easier and less expensive for financial institutions by creating substitute checks that can be exchanged electronically.

What are some examples of electronic monetary transactions?

EPF.12g compare costs and benefits of online and

traditional bankingThere are costs and benefits to both online and traditional banking. 

Benefits of traditional banking may include comfort of the familiar confidence about privacy and security availability of expert advice and customer

service.

Costs of traditional banking may include limited access more paper to file possible account fees.

What are the costs and benefits of traditional banking?

Benefits of online banking may include convenience 24-7 availability ease of updating transaction records.

Costs may include time to learn system concern about privacy and security reduced relationship with bank possible account fees.

What are the costs and benefits of online banking?