including electronic tax filing, money orders, private postal boxes, utility bill payment, and the sale of transit tokens. The concern with this is the large charge associated with using this service (typically 1-20% of the face value of a check). 2. Melanie should consider the fees associated with each of these banking services. She is already getting charged with large fees at her current institution and the fees she would incur from using a cash-checking outlet or prepaid debit card would most likely be even higher. Mobile banking is the best option for her as it gives her instant access to monitor her accounts. She should research other banks in her area for accounts that have minimal to no fees on lower balances. 3. The best thing to do is research available banking services by looking them up online, asking friends or family members, or calling the institutions. You can request the disclosures from most financial institutions to see if there are any hidden fees to be aware of. Impact of future technologies: Blockchain technology is one of the most talked in the financial industry today. This technology will make payments faster at lower rates than most banks and will likely remove the need for gatekeepers in the loan and credit departments. Blockchain can make it more secure to borrow money at lower interest rates. This would reduce concerns regarding banking scams and security.
- Spring '08
- Credit card, Cheque