Electronic Fund Transfers - Paper Example

Electronic Fund Transfer (EFT) is also referred to as Electronic banking. This system utilizes electronic technology and computers in place of paper transactions and checks. To access an account, an individual must use devices such as codes and cards (Colton, 2013). There numerous types of EFTs such as:

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Electronic Check Conversion

This type of EFT allows an individual to make payments by assessing the information available from the organization.

Debit card transactions

This card allows customers to make various transactions such as cash withdraws, deposit funds, and make account inquiries among others (Saunders & Cornett, 2014).

Online Banking Bill Payment

These payments are made online and include services such as payments in the form of funds transfers to credit accounts and payments to particular Society Bank accounts.

Online Banking External Finds Transfers

These transfers are protected and mostly involve Citizens Community Banks.

Banks liability for forged checks

In a situation where the bank teller accepts a forged check then they must full responsibility and return the funds to the account the money was withdrawn. However, if the client were negligent then the fault would have to fall on them, and the bank would have no liability (Greenberg, 2013). Therefore, consumers should always be aware of the goings in their accounts.

Point of Sale System (POS) and disclosure requirements

POS system is very crucial when it comes to your organization. It can either complicate or simplify transactions in the business. It is needed if the business charges to inform clients (Cunningham, 2105). For instance, in a small store, they advise how much it cost per dollar to utilize the equipment.

Secured Transactions and their Essence in the Business Environment

Transactions may either be secured or unsecured depending on where you borrow your funds. Secured transactions are mainly from financial institutions and require one to pay interest on the borrowed funds. Secured transactions allow an individual or an organization to finance their business (Agrawal, 2016).

References

Agrawal, H. O. (2016). An Approach to Business Strategy. Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector, 154-182.

Colton, K. W. (Ed.). (2013). Computers and banking: electronic funds transfer systems and public policy. Springer Science & Business Media.

Cunningham, C., Good, T., Kearney, S. P., Miraglia, M., Amundsen, T., Giordano, P., ... & Zhu, X. (2015). U.S. Patent No. 8,976,030. Washington, DC: U.S. Patent and Trademark Office.

Greenberg, G. A., & SzE, H. Y. (2013). Ponzi Schemes and Bank Liability: The New Red Flags, the Risks and the Decision Whether To Terminate the Customer Relationship.

Saunders, A., & Cornett, M. M. (2014). Financial institutions management. McGraw-Hill Education.