Electronic Funds Transfer System (EFTS)
The official banking term for computer money transferring is the electronic funds transfer system, or EFTS. There are basically three parts to an EFT system ： teller machines, point-of- sale systems, and automated clearinghouses.
Teller machines. Recent EFTS developments have involved teller machines. They are also called customer bank communication terminals or remote service units. They are located either on the bank's premises or in stores such as supermarkets or drugstores. Automated teller machines receive deposits, dispense funds from checking or savings accounts.make cash advances on credit card accounts, and receive payment. The device is connected online to the bank’s computers.
Point-of-Sale systems. Such systems allow the consumer transfer founds to merchants in order to make purchases. Online terminals are located at check-out in the merchant's store. When the customer make a purchase.His or her card is inserted into the terminal, which reads the data. encoded on it. The computer at the customer's bank verifies that the card and identification code are valid and that there is enough money in the customer's account. The customer's account is instantaneously debited, and the merchant’s account credited, for the amount of the purchase.
Automated clearinghouses. Such clearinghouses are similar to ones in use in which checks are cleared between banks. The main difference is that the entries made are in the form of electronic signals-there are no checks used. Thus, this is not a system for further automating the handling of paper checks. It is a replacement system. Such systems are especially useful for recurrent payments like payroll Social Security, or pension fund plans that are made every week or every month.
Money Still Exists
What does an EFTS and. in particular, a point-of-sale system do to the money supply? The answer is "nothing". In a cashless,checkless society, you would still need a checking account balance (demand deposits) ON which to draw even though you did not physically write a check. You would have to deposit your paychecks into your account (or have it done by your employer) at the beginning of each month, just as you might do now. The basic advantage of a cashless, checkless society is that it is a means of reducing the costs associated with exchange. After all, it is estimated that the banking system spends over $7 billion annually just to process 32 billion checks.
Will the cashless, checkless society make household budgeting more difficult? Not necessarily. Many expenses eachmonth are fixed, such as car and house payments. Payingthem automatically will not alter your spending behavior. Moreover, you would get a statement at the end of each month on your transaction, just as you do now. Since we are all faced with a budget constraint, using EFTS cannot alter the total amount of income that we are able to spend. The total money supply will not be affected by switching to EFTS, either. To say that in the future we will not use money is an incorrect view of any electronic funds transfer system. Money is here to stay.
The basic advantage of a cashless and checkless society is that_____.
A、all business transactions are very secure
B、banking systems can cut down their cost tremendously
C、people do not have to deposit their paychecks anymore
D、people can shop very conveniently
【正确答案】：B
【名师解析】:根据题目内容，电子资金转账系统（EFTS）包括自动柜员机、销售点系统和自动清算所三个部分。EFTS的主要优势在于减少与交易相关的成本。文中提到，银行系统每年仅处理320亿张支票就花费超过70亿美元。因此，EFTS的采用可以大幅度降低这些成本。选项A提到交易安全性，虽然EFTS可能提高安全性，但这不是文中强调的主要优势。选项C提到不再需要存入工资支票，这与题目内容不符，因为即使在无现金、无支票的社会中，人们仍然需要将工资存入账户。选项D提到购物便利性，虽然EFTS可能使购物更加方便，但这也不是文中指出的主要优势。因此，正确答案是B，即银行系统可以大幅削减成本。
