Describe the various forms of electronic banking.

 1. Electronic Funds Transfer System (EFTS): This system offers convenience for customers and cost saving for financial institutions. This enables employees to transfer wages directly from the company bank account to employee's accounts.

2. Automated Tellers Machines (ATMs):
   It is a freestanding self service terminal that can do about 60% of a teller's job 24 hrs. a day at less than half the cost of a human teller. To use an ATM, we insert a plastic card into the terminal and then enter an identification code. The machine responds by cashing cheques, taking deposits.

3. Deposit card : A more complex variation of electronic banking involves the use of point of sale terminals located at merchant's checkout counters and tied electronically to a bank computer. When a store customer presents a debit card the point of sale terminal automatically transfers the money for the purchase from the customer's account to the store's account. Yet another variation enables a person to pay bills automatically by using a personal computer . hich is linked by telephone to the bank computer. When the customer types in the required information, the bank's computer transfers money from the customer's account to the billers account.