Money and Electronic Banking

• Electronic banking


  24-hour access to cash through an automated teller machine (ATM) or direct deposit of pay checks into checking or savings accounts
• Electronic banking


  Involves many different types of transactions, rights, responsibilities, and sometimes fees
• Electronic Fund Transfer (EFT)


  Uses computer and electronic technology in place of checks and other paper transactions
• EFTs


  • Initiated through devices like cards or codes that let you, or those you authorize, access your account
  • Many financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose
  • Some use other types of debit cards that require your signature or a scan
  • Some use radio frequency identification (RFID) or other forms of "contactless" technology that scans your information without direct contact with you
• Common EFT services in Ethiopia

  • ATM is electronic terminal that lets you bank at almost virtually any time
  • To withdraw cash, or transfer funds between accounts, you generally insert an ATM card and enter your PIN