Electronic banking, also known as electronic funds transfer (EFT), is simply the use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash. You can use electronic funds transfer to:
• Have your paycheck deposited directly into your bank or credit union checking account.
• Withdraw money from your checking account from an ATM machine with a personal identification number (PIN), at your convenience, day or night.
E-Banking
• Instruct your bank or credit union to automatically pay certain monthly bills from your account, such as your auto loan or your mortgage payment.
• Have the bank or credit union transfer funds each month from your checking account to your mutual fund account.
• Have your government social security benefits check or your tax refund deposited directly into your checking account.
• Buy groceries, gasoline and other purchases at the point-of-sale, using a check card rather than cash, credit or a personal check.
• Use a smart card with a prepaid amount of money embedded in it for use instead of cash at a pay phone, expressway road toll, or on college campuses at the library’s photocopy machine or bookstores.
• Use your computer and personal finance software to coordinate your total personal financial management process, integrating data and activities related to your income, spending, saving, investing, recordkeeping, bill-paying and taxes, along with basic financial analysis and decision making.