JSS2: BUSINESS STUDIES – 2ND TERM
Bank Services | Week 18 Topics|1 Quiz
Insurance | Week 26 Topics|1 Quiz
Personal Qualities of an Entrepreneur | Week 31 Topic|1 Quiz
Business Opportunities | Week 42 Topics|1 Quiz
Consumer Rights and Responsibilities | Week 52 Topics|1 Quiz
Shopping Tips | Week 64 Topics|1 Quiz
Bookkeeping Ethics I | Week 72 Topics
Bookkeeping Ethics II | Week 82 Topics|1 Quiz
Ledger Entries | Week 93 Topics|1 Quiz
Petty Cash Book | Week 105 Topics|1 Quiz
Do you like this content?
Forms of Banking
The advancement in information communication technology recently has made it possible for banks to change their operations from manual to full electronic banking platforms.
Electronic banking is a banking system in which the customer conducts transactions electronically via the internet using a personal computer. With electronic banking, the customer is able to:
1. Transfer money from one account to another.
2. Pay utility bills such as phone, electricity, water bills, etc.
3. View and print his account statement with the bank.
4. Manage and monitor his or her account on a 24 hours basis.
Some types of electronic banking are:
- Electronic Funds Transfers.
- Internet Banking or Online Banking.
- Networking Banking.
- Member card.
- Telephone mobile banking.
- Home/PC Banking.
Electronic Fund’s Transfer: The electronic fund’s transfer is used to transfer money from one location to another as instructed by the owner.
Internet Banking or Online Banking: This involves carrying out the business transaction by visiting the website of the bank concerned.
Network Banking: The banks, with a view of making banking transactions easier recently introduced network banking. In the network form of banking, the bank normally links their branches through radio or a network of communication making it possible for a customer having an account in one branch of a particular bank to deposit or withdraw money from another branch.
Member Card: These are cards issued by banks or corporate bodies to their customers with some amount of money credited into them.
Telephone Mobile Banking: This form of banking is provided by most of the banks to their customer on a twenty-four-hour basis. The customer’s phone is configured by the bank to access his account in order to enable him to carry out transactions with his/her phone.
Home/PC Banking: This electronic banking facility is extended to a reputable bank customer with a personal computer, which is linked to the bank’s network.