The three main ABM networks in Canada are Interac Cirus and Plus The largest is

The three main abm networks in canada are interac

This preview shows page 7 - 9 out of 9 pages.

The three main ABM networks in Canada are Interac, Cirus, and Plus. The largest is Interac, many interact members are linked with Cirus and Plus. Debit Cards and Direct Payment Interac Direct Payment (IDC) is a method of paying for goods and services electronically that uses customers’ banking card to immediately and directly transfer funds from their bank accounts to those merchants or other service providers. With direct payment, consumers can use their ABM cards as debit cards to pay a retailer at that time, rather than paying cash, writing a cheque, or using credit cards. Direct payment is similar to using an ABM. Telephone Banking To use telephone banking, you have to call the toll-free number and get voice instruction to use a variety of services. Service charges vary, depending on how much you use the service and the balance of your account. Online Banking Services are usually available 24 hours a day, seven days a week, from anywhere that you can access the Internet. Customers can immediately access current info about each of their accounts, including mortgage, RRSPs, and line of credit. They do not have to wait for their monthly statements. Financial institutions may or may not charge a monthly service fee for online banking, depending on how much you have in your account and how often you use the service. Generally, banking online is more convenient than traditional banking, and service charges are lower. Online banking is also beneficial to financial institutions because online accounts involve less paperwork and require fewer staff to operate. Online Banks Online banks, or virtual banks, do not have physical branches but are accessed online. Transactions are completed online, through the hone, ABM, or independent professionals. Ex. ING DIRECT, President’s Choice Bank and Citizens Bank of Canada. These virtual banks provide many services that are also provided by traditional banks, but at a lower cost. However, there are disadvantages to online banks. Online banks have no ABMs because there is no physical building, so deposits have to be made at other banks’ ABMs, but there is a service charge. Some online banks do not accept these deposits, so they must be mailed transferred from one account to another. Customer service is limited, and there is no personal relationship. And cheque clearing can be slower
Image of page 7
Other Financial Services In addition to different kinds of transaction accounts, financial institutions offer many different services. Some of the more popular services are loans, lines of credit, credit cards, direct deposits, money orders and drafts, night depositories, overdraft protection, preauthorized bill payments, safety deposit boxes, traveller’s cheques, and combination service packages. The types and costs vary from institution to institution. These services meet both personal and commercial needs.
Image of page 8
Image of page 9

You've reached the end of your free preview.

Want to read all 9 pages?

  • Fall '17
  • -
  • Business

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes