Banks


 * Banks, including ATM (automatic teller machines), EFT (electronic funds transfer)**

A bank is a financial organization where people deposit their money to keep it safe. A bank is a business like any other. A bank needs to make a profit to cover their costs. Banks are payment agents, where each customer has bank accounts. A bank is used to pay cheques issued by the client on the bank, and collecting cheques deposited to the client's current accounts.

Related Links: [|HowStuffWorks "How ATMs Work" Strand 1: People & machines & Strand 3: Hardware, Software, Networks, Databases] [|BBC.co.uk Bank of Ireland refunds 'forgotten' ATM cash]


 * Questions**


 * Omega**
 * How do banks earn money?
 * How do ATMS work?

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 * Ching Ting**
 * What is a database?
 * A collection of data that is stored in a computer or server for easier access and retrieving and storing the data for various purposes.
 * How does online banking work? What are the benefits to online banking and what services does it provide?
 * Online banking requires an account holder to sign up by submitting paper application with personal information or apply directly using online banking website. Online banking allows account holders to log onto online banking sites and have access to checking and savings account for free.
 * It provides services such as deposit a physical check by scanning the check on both sides and upload to bank’s Web site, making direct deposits electronically, online bill-paying services and transfer money between accounts at different banking institutions.
 * How does EFT (Electronics Funds Transfer) work?
 * EFT allow people to transfer money from one bank account to another bank account electronically via computer with Internet access.

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 * Both**
 * What are the benefits of using online banking, ATMS, and EFTs instead of traditional banking
 * Online banking allows account holders to have banking services for free and with no minimum account balance. Traditional banking usually charge customers a fee for using an ATM at another bank or fail to maintain a minimum account balance.
 * It is more convenient because money can be transferred electronically between separate online bank account and even if the recipient isn’t an online bank customer. Customer can also make different payments at once online instead of traveling to different place.
 * What are the drawbacks?
 * Online banking does not provide cash withdrawal.
 * Personal data may be stolen from phishing scams if account holders are not aware of the online banking fraud.