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Topic 3 - Coggle Diagram

- - - - Direct Debit
        Direct Debits are another type of automatic payments.
        payments can be different
        cancelled by instructions
        protected by guarantee.
        
        Online Payment Services
        services such as Paypal which allows money transfer without current account exchange.
        
        Electronic Payments
        
        Disadvantages
        
        security - fraud and identity theft mean that account holders need to be very careful to follow security procedures and keep their passwords and pass numbers safe.
        
        account holder making a mistake
        
        Advantages
        
        fast, safe and convenient to make
        
        mostly free of charge
        
        automated payments can be set up
      - Online Banking
        
        enables account holders to give instructions for account transactions by internet.
        
        account holder registers for service
        
        allows standing orders and direct debits
        
        one off payments
        
        Faster Payments
        
        faster payments ensures payments arrive in 2 hours instead of 3 days
        
        free to use
        
        service automatically
      - CHAPS
        
        Same day automated payment system used for very high value
        
        guaranteed secured
        
        Mobile Banking
        payments through mobile
        
        can use faster payments