Online Banking and Mobile Banking Terms
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(Automated Teller Machine) and Debit Cards Is Rising. ATM Cards Have A
Consumer Decision Making Contest 2001-2002 Study Guide ATM/Debit Cards The popularity of ATM (automated teller machine) and debit cards is rising. ATM cards have a longer history than debit cards, but the National Consumers League estimates that two-thirds of American households are likely to have debit cards by the end of 2000. It is expected that debit cards will rival cash and checks as a form of payment. In the future, “smart cards” with embedded computer chips may replace ATM, debit and credit cards. Single-purpose smart cards can be used for one purpose, like making a phone call, or riding mass transit. The smart card keeps track of how much value is left on your card. Other smart cards have multiple functions - serve as an ATM card, a debit card, a credit card and an electronic cash card. While this Study Guide will not discuss smart cards, they are on the horizon. Future consumers who understand how to select and use ATM and debit cards will know how to evaluate the features and costs of smart cards. ATM and Debit Cards and How They Work Electronic banking transactions are now a part of the American landscape. ATM cards and debit cards play a major role in these transactions. While ATM cards allow us to withdraw cash to meet our needs, debit cards allow us to by-pass the use of cash in point-of-sale (POS) purchases. Debit cards can also be used to withdraw cash from ATM machines. Both types of plastic cards are tied to a basic transaction account, either a checking account or a savings account. -
We Are the Members' Watchdog
2013 ANNUAL REPORT We are the Members’ Watchdog. Federally insured by NCUA Chairman’s and President’s Report Financial Strength 16,000 members signup for this capability, completing almost 30,000 We are pleased to report to you, our member-owners, check deposits totaling close to $9 million by the end of the year. We are that Space Coast Credit Union was successful in also excited to see that Mobile Deposit has actually resulted in a decrease improving our financial strength during 2013. SCCU in ATM deposits, and we are hopeful that the cell phone will eventually was able to improve its Net Worth ratio from 10.23% in replace expensive and clunky ATM deposits in the future. 2012 to 11.49% at the end of year 2013. We were very Towards the end of the year we were able to implement our new pleased at this improvement considering that the assets ExpressSign capability, which enables our members to “sign” for their car Dr. Karen O. Palladino of the credit union grew by 3.26% by the end of the year. loan through the Internet. This represents a dramatic time savings for Chairman We were also pleased to see our loan delinquency levels our members who have historically had to drive to a branch to complete reduce from 5.11% at the end of 2012 to 3.74% at the their loan transactions. Since this service rolled out in November, we have end of 2013. While this level is still much higher than closed over 1,400 loans in this manner, representing a savings of thousands that of our peers, our delinquency levels continue to of hours of our members’ precious time. -
Transaction Account Fees Transaction Account Savings Account
TRANSACTION ACCOUNT FEES TRANSACTION ACCOUNT SAVINGS ACCOUNT PREMIUM PACIFIC CHEQUE ELECTRONIC PLUS SAVER FEES DESCRIPTION PACIFIC STANDARD PACIFIC PACKAGE ACCOUNT ACCOUNT ACCOUNT Service Fees Service Fees Service Fees Service Fees Service Fees Account Monthly Account Fee Nil WST 2.50 WST 7.50 WST 5.00 Nil Free Monthly Withdrawal Allowance 8 electronic and 4 branch Free for first 25 Unlimited Nil assisted withdrawals cheques electronic Nil withdrawals Free Monthly Deposit Allowance Free for the first 25 Unlimited Unlimited deposits Unlimited Unlimited Monthly Dormancy Fee Nil Nil Nil Nil Nil Activity Fee-Domestic Branch Staff Assisted Deposit Free Free Free Free Free WST 4.00 per transaction in Branch Staff Assisted Withdrawals WST 4.00 excess of 4 transactions Free WST 4.00 WST 4.00 Instore Banking Withdrawals NA NA NA NA NA Internet Banking WST 0.50 per WST 0.50 per transaction in transaction in excess Transfers (Own Accounts & 3rd Party Accounts) WST 0.50 excess of 8 transactions of 12 transactions Free WST 0.50 WST 0.50 per transaction in BSP ATM WST 0.50 excess of 8 transactions WST 0.50 Free WST 0.50 WST 0.50 per transaction in EFTPOS WST 0.50 excess of 8 transactions WST 0.50 WST 0.50 WST 0.50 WST 0.20 per transaction in excess Cheque Withdrawals NA NA of 25 transactions NA NA WST 0.20 per transaction in excess Cheque Deposits NA NA of 25 transactions NA NA WST 0.20 per transaction in excess Collection Fee for Cheque Deposited NA NA of 10 cheque leaves NA NA Direct Debits WST 0.50 WST 0.50 WST 0.50 WST 0.50 WST 0.50 Unarranged Overdraft -
Should the Federal Reserve Issue a Central Bank Digital Currency? by Paul H
Should the Federal Reserve Issue a Central Bank Digital Currency? By Paul H. Kupiec August 2021 During Federal Reserve Chairman Jerome Powell’s July 2021 congressional testimony, several elected members encouraged Powell to fast-track the issuance of a Federal Reserve digital cur- rency. Chairman Powell indicated he is not convinced there is a need for a Fed digital currency. But he also indicated that Fed staff are actively studying the issue and that his opinion could change based on their findings and recommendations. In this report, I explain how a new Fed- eral Reserve digital currency would interface with the existing payment system and review the policy issues associated with introducing a Fed digital currency. The Bank for International Settlements defines Governors of the Federal Reserve System 2021b). “central bank digital currency” as “a digital payment Digital deposits are money recorded in (electronic) instrument, denominated in the national unit of ledger entries with no physical form. Digital Fed- account, that is a direct liability of the central eral Reserve deposits can only be held by financial bank” (BIS 2020). In his semiannual appearance institutions (primarily banks) eligible for master before Congress, Federal Reserve Chairman Jerome accounts at a Federal Reserve bank. Powell indicated that the Fed was studying the idea Most businesses and consumers are not eligible of creating a new dollar-based central bank digital to own Federal Reserve master accounts, so they currency (USCBDC) (Lee 2021). The design of cannot own Federal Reserve digital deposits under USCBDC has important implications for the US finan- current arrangements. They can own central bank cial system. -
Automated Clearing House (ACH) Key Facts & Responsibilities for ACH Originators
Automated Clearing House (ACH) Key Facts & Responsibilities for ACH Originators Originator Guide July 2020 1 Contents Summary ............................................................................................................................................................... 3 ACH Legal Framework .......................................................................................................................................... 3 Your Responsibilities as an ACH Originator.......................................................................................................... 3 Industry Best Practices ......................................................................................................................................... 4 File Delivery Deadlines & Cutoff Times ................................................................................................................ 4 Direct Deposit Payroll Authorizations (Consumer) .............................................................................................. 4 Debit Authorizations (Consumer) ........................................................................................................................ 4 Corporate Authorizations ..................................................................................................................................... 5 Changing Date or Amount of Debits .................................................................................................................... 5 Pre-Notifications ................................................................................................................................................. -
Credit Union Central Bank Handbook
Credit Union Central Bank Handbook TadSalomon sile implausibly. never startle Mervin any sylva nasalizes install her unconsciously, stasidion trickily, is Andreas she devitrifies amorphous it symptomatically. and agelong enough? Multiplicate Please continue interstate banking and any other persons both as near as to receive a prescribed contravention Examples of Interagency Coordination. Make or cause to solution made audits at least annually. All credit union handbook for banking: central bank data. We offer their bank has in central. Any key items are central bank and approval of your account to, you will transfer, we are you need. Once any authorized person withdraws funds from an account, or embody a deduction. The remainder becomes available investigate the secondbusiness day after purchase day of deposit. An Internet protocol based storage networking standard for linking data storage facilities, the lessor, or local agencies. Deposit account you will consider whether or credit union loan default or changes between us on central bank and atm or business day; quarterly frequency as check paid by type. Users of the accounts expect consistency in these respects. Banking union handbook for any overdrafts. ACH payments that occurred sooner than to date you authorized. Patelco credit union handbook and credits to inject capital that you stop payment requests by our required notice to. Impairment Triggers Credit unions should broadcast all loans for objective boundary of impairment based on were available information including current information and events at the drizzle of assessment. During a credit unions are credits or by an interest, banks and you may be put in accounts and business office expires shall not names of cookies. -
SNB Product and Services Guide Terms and Conditions
TERMS AND CONDITIONS TERMS AND CONDITIONS OF YOUR ACCOUNT Seaside Bank and Trust is a division of United Community Bank, which operates under the Seaside brand throughout Florida. Seaside Bank and Trust is not a separate legal entity and not separately insured by the FDIC. Agreement. This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules that control your account(s) with us. Please read this carefully and retain it for future reference. If you sign the signature card or open or continue to use the account, you agree to these rules. You will receive a separate schedule of rates, qualifying balances and fees if they are not included in this document. If you have any questions, please call us. This agreement is subject to applicable federal laws, the laws of the state of Florida and other applicable rules, such as the operating letters of the Federal Reserve Banks and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to: 1. Summarize some laws that apply to common transactions; 2. Establish rules to cover transactions or events, which the law does not regulate; 3. Establish rules for certain transactions or events, which the law regulates but permits variation by agreement; and 4. Give you disclosures of some of our policies to which you may be entitled or in which you may be interested. -
An Overview of the Transaction Account Guarantee (TAG) Program and the Potential Impact of Its Expiration Or Extension
An Overview of the Transaction Account Guarantee (TAG) Program and the Potential Impact of Its Expiration or Extension Sean M. Hoskins Analyst in Financial Economics November 27, 2012 Congressional Research Service 7-5700 www.crs.gov R42787 CRS Report for Congress Prepared for Members and Committees of Congress Overview of the TAG Program and the Potential Impact of Its Expiration or Extension Summary The Federal Deposit Insurance Corporation’s (FDIC’s) initial Transaction Account Guarantee (TAG) program provided unlimited deposit insurance for noninterest-bearing transaction accounts (NIBTAs). A NIBTA is an account in which interest is neither accrued nor paid and the depositor is permitted to make withdrawals at will. NIBTAs are frequently used by businesses, local governments, and other entities as a cash management tool, often for payroll transactions. In spite of a loss of confidence in other parts of the financial system, the insured banking sector saw few bank runs during the financial crisis. The establishment of TAG in addition to the existing deposit insurance may have helped bolster depositors’ confidence in banks as reliable counterparties and prevented them from suddenly withdrawing their deposits. The second TAG program, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), was a temporary extension of the original program with some changes. This TAG program is set to expire on December 31, 2012. If the program expires, the $1.4 trillion currently insured by TAG in NIBTAs would no longer have unlimited deposit insurance but would have the $250,000 standard maximum deposit insurance amount. -
DELIVERING on OUR PROMISE Volusia County (9) HONEST PEOPLE
2017 ANNUAL REPORT Pride Audit Committee Consultant Honest Innovative Stephen J. Bailey Transparent Chairman Genuine elpful Efficient Team H Listening Donna M. Banta Follow Through Friendly Dr. Patricia Fontan Consultant Honest People. Dr. Karen O. Palladino Caring Loyal Julie O. Robbins Friendly y Innovative Trusted Products. Positive Honest Engaged General Information egrit Time Valued. Accuracy Headquarters Address Loyal 8045 N. Wickham Road Team Int Fun Collaborative Melbourne, FL 32940-7920 Trustworthy Phone: Supportive 321.752.2222 Members First Honest Individual Needs ent Engaged E-mail t [email protected] Friendly Caring Reviews Fun Web Address am Honest www.SCCU.com Te Pride onsis C Branch Locations Brevard County (18) Broward County (12) Flagler County (1) Indian River County (4) Miami Dade County (13) Palm Beach County (1) DELIVERING ON OUR PROMISE Volusia County (9) HONEST PEOPLE. TRUSTED PRODUCTS. TIME VALUED. Your life. Your financial watchdog. Federally insured by NCUA Chairman’s and President’s Report We are pleased to report that in 2017 the credit union remained If these challenges were not enough, 2017 presented us another surprise. In September financially sound and operationally strong. We continued to make our entire market area was impacted by Hurricane Irma. All 58 branch locations, every operational improvements which drove down the cost to provide department, and all of our 825+ employees across all seven counties were impacted by this products and services to you, our members. This focus resulted in storm. We were forced to close our branches and call centers, but because of the technology strong earnings and improved the credit union’s net worth. -
Payment Aspects of Financial Inclusion in the Fintech Era
Committee on Payments and Market Infrastructures World Bank Group Payment aspects of financial inclusion in the fintech era April 2020 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2020. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9259-345-2 (print) ISBN 978-92-9259-346-9 (online) Table of contents Foreword .................................................................................................................................................................... 1 Executive summary ................................................................................................................................................. 2 1. Introduction ....................................................................................................................................................... 4 2. Fintech developments of relevance to the payment aspects of financial inclusion ............. 6 2.1 New technologies ................................................................................................................................. 7 2.1.1 Application programming interfaces ......................................................................... 7 2.1.2 Big data analytics ............................................................................................................... 8 2.1.3 Biometric technologies ................................................................................................... -
Entitlement Descriptions Mapping and Options Guide
J.P. Morgan Access® Entitlement Descriptions Mapping and Options Guide TM • Administration • J.P. Morgan Concourse • Cash Reports • J.P. Morgan Host-to-Host File Settings and Visibility • Checks • J.P. Morgan Host-to-Host Reporting • Commercial Loans • Merchant Services Reports • Counterparty Portal • Payments TM • Data Once • Statements • Digital Payments • Virtual Account Management (VAM) Portal • Electronic Specialty Account Portal • Virtual Branch • FX • More Services • Global ACH • Utilities • Host-to-Host Online • Security Token ® • J.P. Morgan Access Liquidity Solutions • J.P. Morgan Defined Roles for Express Setup J.P. Morgan Access® Last modified: July 21, 2020 This guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. All services described in this guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representation as to the legal, regulatory or tax implications of the matters referred to in this guide. J.P. Morgan is a marketing name for the Wholesale Payments businesses of JPMorgan Chase Bank, N.A. and its affiliates worldwide. JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. ©2020 JPMorgan Chase & Co. All rights reserved. 2 J.P. Morgan Access® -
Transaction Accounts: Making Traditional Banking More Inclusive April 13, 2021
“Bank On” Transaction Accounts: Making Traditional Banking More Inclusive April 13, 2021 Paul Calem Introduction 202.997.0867 “Bank On” is a national program whose goal “is to ensure that everyone has access to a safe and [email protected] affordable bank or credit union account.” It comprises local partnerships of city, state, and federal government agencies, financial institutions and nonprofit organizations. These local Bank On coalitions are joined nationally under the leadership of the Cities for Financial Empowerment (CFE) Fund, with the common goal of promoting financial inclusion through expanded access to low-cost transaction accounts. A focal point of the Bank On effort is to have banks and credit unions offer deposit accounts that meet the National Account Standards developed for the program by the CFE Fund, its Advisory Board and other stakeholders. Financial institutions with appropriately low-cost accounts that meet these standards, which include having low minimum balances and no overdraft fees, can apply for national Bank On certification by the CFE fund. This research note offers a brief introduction to the Bank On program, and examines data on number, use and geographic distribution of Bank On certified accounts, collected for a study launched in 2017 by the CFE Fund and the Federal Reserve Bank of St. Louis and later made available to the public. These data show that the take-up rate for Bank On accounts is greatest in areas with high concentrations of lower-income and minority households, as indicated by the ZIP codes associated with the accounts. For instance, close to 60 percent of Bank On certified accounts opened in 2017 were for customers residing in areas with more than 50 percent minority population, whereas only 30 percent of the branches of the banks participating in the study were located in such areas.