Status of EFT: An Assessment of Services and a Review of EFT in the Fifty States
It is a difficult assignment to cover the current status of EFT within the time alloted. A complete job would involve covering each of the four principal service delivery techniques: Automated Clearing House Associations, ATM Related Services, POS’s and Check Authorization/Guarantee Services, and Automated Telephone Payment Services. Each technique’s history, current acceptance by financial institutions and their customers, and existing problems which need attention would have to be reviewed. In addition, I would be obligated to spend time discussing the pros and cons of each major EFT issue: the legal environment, competition, acceptance, technology, and cost-benefit factors. Finally, it would be my task to summarize the current status of EFT in each state, and it is evident that growth patterns depend on the environment in a state. Environment includes existing branching laws, EFT legislation, demographic characteristics, competitive structure, population density, and the like.
KeywordsFinancial Institution Commercial Bank Credit Union Automate Teller Machine Demand Deposit
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