List the principal advantages of electronic funds transfers.
List the principal advantages of electronic funds transfers.
Homework Answers
Following are the advantage of electronic funds transfer.
1. Faster transactions than traditional ones.
2. Because of encrypted data and one time password etc , complete security. Also no need for carry Hugh cash.
3. Real time money exchanges possible.
4. No error on part of bank. Less administrative procedure involved.
5. Easy to track transactions.
6. Customer can always get a summary (monthly/yearly etc)
7. Cost and time saving. Example no need to print cheque.
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