BU111 Lecture Notes - Lecture 14: Electronic Funds Transfer, Unsecured Debt, Debit Card
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
Economic factors four pillars of canadian financial system description, roles/function. Iii. financial institution changes affecting financial institutions services offered by banks. 3. international services a) currency exchange b) letter of credit c) banker"s acceptance. Letter of credit: a promise by a bank to pay money to a business firm if certain conditions are met. money at a future date. Banker"s acceptance: a promise that a bank will pay a specified amount of. Electronic funds transfer (eft) a) automated banking machines (abms) b) direct deposit and withdrawals c) point-of sale (purchase with a debit card) d) smart cards (e. g. , phone cards) Automated banking machines (abms): electronic machines that enable bank customers to conduct account related transactions 24 hours a day, 7 days a week. Debit card: a type of plastic money that immediately upon use reduces the balance in the user"s bank account and transfers it to the store"s account. Smart-cards: a credit-card-sized computer that can be programmed with.
