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BANKING SYSTEMS - Coggle Diagram
BANKING SYSTEMS
automatic teller machine
advantages
offers many banking serviceswithout the need to go to the bank
possible to withdraw cash at anytime of the day
possible to acces an accouny from anywhere in the world
provides quicker service than waiting in a queue in a bank
disadvantages
often in places where theft can take place at night
potential for shoulder surfing and card cloning scams
loss of personal touch
some banks charge customers for using atms
uses
withdraw cash
deposit cash
pay bill
electronic funds transfer
advantages
quick payment method
secure payment method
less expensive than cheques
disadvantages
cannot guarentee the reciept
customer needs to have funds immedietly
bank cannot reverse a transaction
what is it?
system that allows money transfer
instructions to be send directly to the bank
internet banking
advantages
data can be downloaded and analyzed
can be used 24/7
saves time and money
disadvantages
money can be stolen if the account is hacked
some people prefers to speak to a person
cheques
advantages
possible to stop payment
more convinient and safer than cash
can be post dated
can be drawn anytime
disadvantages
reletivelg expensive
slow method payment
easier than fraudsters
not legal tender and can be refused
debit card
advantages
safer than carrying cash
money comes from customer's current account => no interest
charges
can buy items online
disadvantages
security risks
no credit allowes
less coustomer protection
credit card
advantages
interest-free loan if money paid back within agreed time period
can buy items online
internationally accepted method of payment
customer protection if a company stop trading or goods do not arrive
disadvantages
can be charged high interest rate
annual fees often apply
easy to endure with credit damage
security risks