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Financial Services & Electronic Banking. Ch. 17-2 PoB 2011. Types of Financial Services. Savings – accepting money from customers for safekeeping Payment – ability to transfer money to others Examples : checking accounts, debit cards, online payments and automatic withdrawals

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types of financial services
Types of Financial Services
  • Savings – accepting money from customers for safekeeping
  • Payment – ability to transfer money to others
    • Examples: checking accounts, debit cards, online payments and automatic withdrawals
  • Lending – the borrowing of money at some time with the requirement of paying interest until borrowed amount is paid in full
    • Examples: auto loans, business loans, mortgages, and credit cards
  • Electronic Banking
    • Electronic Funds Transfer (EFT) – refers to the use of computers and other technology for banking services
    • Examples: ATM, POS, direct deposit, and automated bill pay
types of financial services1
Types of Financial Services
  • Storage of Valuables
    • Safe-Deposit Boxes – are stored in secure areas that are very safe places to keep jewelry, rare coins, etc.
      • Bank cannot open your box, nor anyone else
      • Must have a key
  • Investment Advice
    • Bank assistance for making financial decisions
  • Management of Trusts
    • Trust – banks managing investments on behalf of the customers
      • Used by people of all ages
biometric banking
Biometric Banking
  • Biometry – is the analysis of biological observations, and its use un identification is not new
    • Fingerprint Verification
    • Iris Scanning
    • Voice Recognition
    • Hand Geometry
    • Face Recognition
types of checking accounts
Types of Checking Accounts
  • Regular Checking Accounts
    • If you write a lot of check each month, consider a regular checking account
    • Service Charge – is a fee a bank charges for handling a check account
    • A checking account at a credit union may be called a share draft account because the members are called shareholders
  • Interest-Earning
    • Checking accounts that earn interest; may require higher monthly balances
    • Interest rates vary
types of checking accounts1
Types of Checking Accounts
  • Special Checking
    • Special Checking Account (activity account) – if you only write a few checks each month
    • Banks charge a small fee per check and monthly service fee
comparing checking accounts
Comparing Checking Accounts
  • Evaluate the following items:
    • Minimum balance
    • Interest rate earned, if any
    • Monthly service charge
    • Fees for other services, such as printing checks and stop payment orders
e banking services
E-Banking Services
  • Automatic Tell Machines
    • ATM (cash machine) – allows many banking services 24/7
    • Debit Card (cash card) – used for ATM transactions
  • Payments at the Point-of-Sale
    • POS Transaction – a merchant accepts a debit card to pay for purchases
  • Direct Deposit
    • Direct Deposit – funds are deposited electronically and available automatically for your use
  • Automatic Bill Payments
    • Automatic Bill Payments – requires a bank customer to authorize preset amounts of monthly expenses
electronic payment options
Electronic Payment Options

Debit Card Transactions

Online Payments

Stored-Value Cards

Smart Cards - electronic wallets

review
Review

What are the main types of financial services used by consumers?

What are the three main types of checking accounts?

What are common electronic banking services?