ZIMSEC O Level Commerce Notes: Money and Banking: 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.
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