Electronic banking, also known as electronic funds transfer (EFT), is simply the use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash. You can use electronic funds transfer to:
•Have your paycheck deposited directly into your bank or credit union checking account.
•Withdraw money from your checking account from an ATM machine with a personal identification number (PIN), at your convenience, day or night.
•Instruct your bank or credit union to automatically pay certain monthly bills from your account, such as your auto loan or your mortgage payment.
•Have the bank or credit union transfer funds each month from your checking account to your mutual fund account.
E-banking has become a necessary survival weapon and is fundamentally changing the banking industry worldwide. To day, the click of the mouse offers customers banking services at a much lower cost and also empowers them with unprecedented freedom in choosing vendors for their financial service needs. No country today has a choice whether to implement E-banking or not given the global and competitive nature of the economy. The invasion of banking by technology has created an information age and commoditization of banking services. Banks have come to realize that survival in the new e-economy depends on delivering some or all of their banking services on the Internet while continuing to support their traditional infrastructure.
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