BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You earn more interest on an EFT account than a checking account.
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The number of withdrawals from an EFT account is limited so you are not tempted to impulsively use the money.
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This is the best way to always keep your personal and financial information secure.
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Your paycheck can be deposited directly to your checking account.
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Detailed explanation-1: -Transactions are fast and much work is not required at either end of the transaction. EFT is reliable as human intervention is minimal. The solution is cost-effective and allows businesses to save money. It is cost-effective compared to paper checks as the costs of check printing and postage can be saved.
Detailed explanation-2: -By using EFT you eliminate the risks associated with lost, stolen or misdirected checks. With EFT, you will save yourself and your company valuable time. EFT eliminates excess paper and helps you automate your office. EFT is the preferred method of payment!
Detailed explanation-3: -EFT allows businesses to conduct financial transactions electronically. Instead of issuing checks on the arrival of goods, customers may use EFT to electronically transfer the amount to their supplier through electronic terminal, automated teller machines, or computer.
Detailed explanation-4: -An electronic funds transfer is the digital way of moving money from one bank to another. Anyone with a bank account can initiate an electronic funds transfer. Using an electronic funds transfer can be quicker, more secure, and more convenient than sending or receiving paper checks.