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7.3 Electronic Banking
Consumer Rights and Responsibilities
• Electronic Funds Transfer Act of 1978 requires banks to inform customers of fees associated with EFT’s.
• The law also requires consumers to act responsibly.
• If you lose your ATM card, you must report it within 2 business days.
• The most you could lose is $50.
• If you don’t report it soon enough, you may lose up to $500.
• If you do not report it before 60 days, you may be responsible for everything.
*You must be responsible when using EFTs.
*Dangers: 1. Overdrawing
2. Bad neighborhood (steal PIN or rob you).
3. Lose ATM card.
Online Banking
• Many banks offer automatic withdrawal.
• This prevents you from being late (delinquent) on a payment.
• May come with a fee.
• Some banks even offer alerts as a reminder.
• Along with transferring funds, ATM’s also allows you to deposit and withdraw money from your account.
• Fees for the use of an ATM may be anywhere from$1-$4.
o How come a bank might charge you?
You may be using a different bank’s ATM.
Debit Cards
• Also called check cards.
• Linked directly to your checking account.
• Replaces carrying around a checkbook.
• You still need to record the transaction in your check register.
Direct Deposit
• Direct deposit is when you order the employer to deposit your check right into your account.
• Instead of a check every pay period, you will receive a non-negotiable check.
Electronic Funds, Transfers, and ATM’s
• No need for checks.
• Money is sent from one account to another via computers.
• Electronic Fund Transfers are quicker and less expensive.
• Most common use of the EFT is with an automated teller machine (ATM).
• To access the ATM, you must insert your card and enter a personal identification number (PIN).