Online Banking
What is online banking?
Online banking is using the internet to perform most financial services such as checking balances, transferring funds, and paying bills.
What is mobile banking?
Mobile banking is using a smartphone or tablet to perform banking transactions through an app or mobile website.
What is a prepaid debit card?
A payment card that has funds loaded onto it in advance and is used to make purchases or withdrawals
What does ATM stand for?
Automatic Teller Machine
How do interest rates affect banking?
Changing interest rates influence how much banks charge for loans or pay on savings
Name one advantage of online banking.
It allows convenient access to banking services anytime without visiting a branch. May Vary
Name one service you can perform on mobile banking.
Transferring funds, depositing checks with a photo, or paying bills.
What is one method to load a prepaid card?
Cash, check, direct deposit, online transfer, app check photo, or credit card cash advance
Name one function of an ATM.
Withdraw cash, deposit money, or check balances.
What are rising consumer prices?
When the cost of goods and services increases, reducing purchasing power.
What security measures are important in online banking?
Using secure passwords, encryption, and two-factor authentication to protect accounts.
What are the benefits of mobile banking?
Convenience, quick access to accounts, and 24/7 banking.
Name one advantage of using a prepaid card.
Helps control spending and reduces the risk of debt because you can only use the amount loaded.
How does an ATM differ from online banking?
An ATM is a physical computer terminal for transactions, while online banking is done through the internet.
Name one economic condition that influences banking.
Interest rates, inflation, or unemployment rates.
What is two-factor authentication?
A security process that requires two forms of identification before granting access to an online account.
Explain mobile wallet technology.
A mobile wallet allows wireless payments using stored card information on a smartphone (e.g., Apple Pay, Samsung Pay).
What is a common fee associated with prepaid cards?
Activation, reload, ATM withdrawal, or monthly maintenance fees
What is cardless ATM access?
Using wireless or mobile technology to withdraw cash without inserting a card
How can economic factors impact financial services?
They affect loan demand, savings rates, and consumer spending.
List one disadvantage of online banking.
Risk of online fraud or hacking if security is weak.
What is the future trend in mobile banking?
Wireless transactions such as cardless ATM access and in-store mobile purchases that may reduce debit and credit card use
What is a disadvantage of prepaid cards?
Extensive fees are often associated with these cards
What security features are essential for ATMs?
PIN codes, encryption, and monitoring to prevent fraud.
Explain the impact of consumer debt on banking.
High consumer debt can reduce borrowing power and increase loan defaults, affecting bank profits.