Telebanking

Telebanking

• This is a service offered by banks that allow customers to make enquiries or give instructions concerning their accounts over the phone.
• Instructions are usually given by customers who operate call accounts.
• When customers open call accounts they sign indemnity forms.
• These indemnity agreements protect the bank from liabilities arising from misrepresentations.
• Instructions to move funds from one account to another require verification and the proper authorisations.
• Authentication and verification is done by calling back the customer using the number on file.
• After successful authentication, the issued instructions are carried out.
• Customers may request for the following using a phone:
• Cheque books.
• Statements of their accounts.
• ATM cards.
• Deposit books.
• Report stolen cards.
• Change banking passwords.
• Banks have special departments for such instructions.
• A password is issued to customer to be used when making account changes for security reasons.

To access more topics go to the Commerce Notes page.