Making Electronic Banking Easier

Answers for Your Electronic Banking Questions

By Mary Ellen Lee, published Feb 24, 2006
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Banks have made it very easy to deposit money, pay bills, and keep track of your finances through their websites and/or ATMs. However, understanding how electronic banking works can be daunting.

Many banks offer free or discounted accounts if you do your banking electronically, such as having your paycheck automatically deposited, paying your bills online, or only using ATM machines and not tellers.

Each bank may be different in the types of accounts and services offered, but there are still some basic similarities in electronic banking that a user needs to understand.

The following questions and answers may help you understand electronic banking a little more and will hopefully help you feel more comfortable using it.

 
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Takeaways
  • Checks converted to electronic transactions are referred to as point of purchase (POP).
  • It is important to know what the cutover time is for the ATM you use to make a deposit.
  • You need to allow 5-10 days when paying a bill online for it to be posted properly.
Did You Know?
The system of transferring money from one bank to another is called Electronic Funds Transfer or EFT.
Resources
  • More information about prevention of identify theft, go to the Department of Treasury's Identify Theft's Resource page at www.treasury.gov/.
Comments
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Good question Dr. Ideas Man. The ATM prints information on your envelope when it is "sucked" in. That information includes the card number used. If there is no deposit slip included or nothing written on the envelope, they can still tell which card was used and where the money is supposed to go. If no money was in the envelope, an alert will probably be placed on that card so it can't be used again until the customer contacts the bank.

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Posted on 03/12/2006 at 9:03:00 PM

 
If I deposit cash and I don't write anything on my envelope, will my deposit be safe? I think I've thought of at least one instance where I wouldn't. Let's say that I deposit cash for a certain amount (e.g. 180 dollars). Someone else also makes a deposit for 180 dollars, but puts nothing in their envelope. Neither of us has written on the envelope. How will they now who is honest and who's trying to defraud them?

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Posted on 02/24/2006 at 8:02:00 PM

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