Answers Personal Finance - EL3403Understanding Checking and Debit Accounts

Understanding Checking and Debit Accounts Answers

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How do electronic monetary transactions differ from traditional methods?

Traditional methods are less susceptible to fraud.

Electronic transactions provide quicker access to funds.

Traditional methods provide more control of your privacy.

Electronic transactions are only processed on weekdays.

Which best describes an Electronic Funds Transfer?

a direct deposit into an account

a loan advance from a bank to an individual

a payment that can only occur via debit card

a transaction exclusively for international transfers

What is the purpose of the Electronic Fund Transfer Act?

to encrypt consumer credit reports

to deregulate electronic fund transfers

to require biometric verification for all EFTs

to protect consumers in electronic fund transfers

How do peer-to-peer payment systems primarily function?

through automated teller machines

by scanning QR codes with a smartphone

through direct bank-to-bank wire transfers

by using mobile apps for electronic fund transfers

What is a primary feature of digital wallets?

secure storage and easy use of payment information

limit payments to subscription services only

store physical currency in a digital format

transfer funds using ATMs

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