But electronic banking involves many different types of transactions, rights, responsibilities and sometimes, fees. Electronic banking can also be defined in a very simple form, it can mean provision of information or services by a bank to its customers, via a computer, television, telephone, or mobile phone. The SAP changed the content of banking business. Just as the number of banks increases from 40 in to inthe SAP provided licence to more banks which posed more threat to existing ones and the more aggressive the marketing techniques adopted by them.
The ATM was perfected by Luther George Simjian, a New York inventor, who convinced a city bank in the s that immediate check deposit from local workers would be an advantage to the bank.
The experiment lasted only six months due to disinterest from the general working population. The modern ATM was used first in London inbefore the use exploded in the s.
Economists speculate that the decline in the number and use of the machines over the past few years is related to increased ATM fees. Fraud The potential for identity theft is a major disadvantage related to automatic teller machines.
Fraudulent card readers, called skimmers, are placed over the authentic reader to transfer numbers and codes to nearby thieves. Spy cameras are also used by password voyeurs to collect access codes. Lost access cards are another potential for fraud. The Federal Trade Commission states that people are not responsible for unauthorized use of a card, if it is reported immediately.
If the loss is not noticed immediately, consumers may lose all funds in an account, if notice is not given before money transfers are made.
Incorrect withdrawals noted on monthly statements must be reported, or else consumers are responsible for the amounts, even when removed by fraudulent means, according to the U. Theft ATMs are a magnet for easy theft. Robbers are guaranteed cash from consumers visiting the money machines.
Although ATM robberies are not common only one attack in every 2. People using an ATM for frequent banking are not informed of the total amount in the account when funds are withdrawn or deposited, as opposed to traditional checking which provides a register to maintain a running account of the balance.
This lack of recording allows some customers to overdraw accounts, adding penalty charges. Operation Issues ATMs located in busy locations may not have adequate funds for busy holiday weekends when large numbers of people are taking out cash.
Most machines require envelopes to deposit checks and cash, and these may also be in short supply, preventing customers from depositing funds. Damaged machines leave the bank client with no alternative during non-banking hours.
Bank Fees As bank consolidation continues, fewer companies own ATMs, and they limit access to automated banking. This monopoly reduces competition. Kerry warns that "policy makers should be watchful of the capacity to which ATM surcharges become more prevalent.origin of atm machine and their demerits and merits to the banking industry in nigeria; dissertation on operational effectiveness; der tod venedig eine last fur die arbeiterklasse; call research papers; creative writing ideas kids; nature school essay; earth science homework help;.
In Nigeria, the excitement and ecstasy experienced by customers as a result of obtaining new notes from ATM cannot be over-emphasized.
Moreso, the machine does not subject cash to bad handling often common with cash across the counter. ATM provides privacy in banking transactions. ELECTRONIC BANKING IN NIGERIA: CHALLENGES OF THE REGULATORY AUTHORITIES AND THE AW Y FORARDW the meaning of electronic banking, origin of e-banking in Nigeria, areas of information and communication technology when Societe Generate bank launched their first Automated Teller Machine.
Areas of information and communication. Reliance on automatic teller machines for personal banking means increases in bank fees. Most banks allow an unlimited number of withdrawals from same system ATMs, but charge a fee between $2 and $5 for withdrawals from machines outside the system.
Origin of Nigeria Banking System Orjakor (, –) holds that the organ of the Nigerian Banking system dates back to the colonial kaja-net.com activities of the extra territorial merchants in the former West African colonies and the establishment of settle territorial government created need.
Atm have really helped the banking industry a lot and in terms of money withdrawal which have drastically reduced the number of people or bank customers in the banking hall.
When you talk about atm and its uses, this entails the usefulness of the automate teller machine to the banking industry and the country as a whole. IIt not just the uses of atm as the uses and benefits come hand in hand.