Electronic Banking

Technology is evolving rapidly and online banking is becoming increasingly important. Understanding these new methods is not only convenient but also protects your finances. Electronic banking (EFT) is the electronic transfer of funds between accounts, which is becoming increasingly popular, allowing you to make payments and transfer funds quickly.

The three main aspects of online banking are:

1. Automated Teller Machines (ATMs): ATMs allow you to withdraw money quickly and flexibly. In addition, many ATMs also allow for transfers between accounts and deposits, and are available 24/7.

2. Direct Deposit: Online banking allows you to send and receive money automatically. If you receive a regular salary, your employer can deposit money directly into your account, making it easier to pay for recurring payments like mortgages and insurance.

3. Debit card purchases: Debit cards allow you to make purchases online or over the phone, similar to a credit card, but the money is deducted directly from your account, making it easier to control your spending.

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