Electronic Banking

1
Electronic Banking

• 1-5

2
ATM Card

• Automated teller machine card

3
Debit Card

• A card that lets you pay for purchases using a
  store terminal

4
Electronic Funds Transfer (EFT)

• When funds are withdrawn from one account and
  deposited into another using computers

5
Magnetic Ink Character Recognition

• (MICR) special characters printed on checks to
  let computers process the checks
• See page 23 in the textbook

6
Automatic Teller Machines (ATMs)

• A computer system that lets you withdraw or
  deposit money in your bank account without a
  tellers help
• See handout

7
Direct Deposit

• Money automatically deposited into your account

8
Example

• On Tuesday, Terry Kowolski used a debit card to
  pay for groceries, 74.89 clothing, 245.64
  and garden plants, 35.77. If Terrys bank
  balance was 845.19 at the start of the day, what
  is her new balance?

9
Answer

• 74.89
• 245.64
• 35.77
• 356.30
• 845.19
• - 356.30
• 488.89

10
Homework

• Page 24
• 2, 5