Asked by Cecilee Humphries on May 12, 2024
Verified
Which of the following is true regarding types of electronic fund systems?
A) Automated teller machines, pay-by-telephone systems, point-of-sale systems, and direct deposits are all types of electronic fund systems.
B) An automated teller machine is a type of electronic fund system; but pay by telephone systems, point-of-sale systems, and direct deposits are not types of electronic fund systems.
C) Automated teller machines and pay-by-telephone systems are types of electronic fund systems; but neither point-of-sale systems nor direct deposit systems are types of electronic fund systems.
D) Automated teller machines and point-of-sale systems are types of electronic fund systems; but neither a direct deposit system nor a pay-by-telephone system is a type of electronic fund system.
E) Automated teller machines, point-of-sale systems, and direct deposits are all types of electronic fund systems; but a pay-by-telephone system is not a type of electronic fund system.
Electronic Fund Systems
Systems that enable the electronic transfer of money from one bank account to another without the direct involvement of bank staff.
Automated Teller Machines
Electronic banking outlets that allow customers to complete transactions without the need for a branch representative.
Direct Deposits
Direct Deposits involve the electronic transfer of a payment directly from the account of the payer to the recipient's account, commonly used for payroll or benefit disbursements.
- Identify the differences between multiple electronic fund transfer systems and the regulations governing them.
- Acquire knowledge about the fundamentals of electronic fund transfers and the innovations supporting these transactions.
Verified Answer
Learning Objectives
- Identify the differences between multiple electronic fund transfer systems and the regulations governing them.
- Acquire knowledge about the fundamentals of electronic fund transfers and the innovations supporting these transactions.
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