Telebanking. Image credit coastal24.com

Telebanking. Image credit coastal24.com

ZIMSEC O Level Commerce Notes: Money and Banking: 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.

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