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.
From the text, we know that money can NOT play the role as _____.
A、a medium of exchange
B、a checking account
C、a store of purchasing power
D、a unit of accounting
【正确答案】：B
【名师解析】:根据题目内容，EFTS（电子资金转账系统）包括自动取款机、销售点系统和自动清算所三个部分。这些系统允许资金在银行和消费者、商家之间电子化转移，但它们并不改变货币的基本功能。题目中提到，在无现金、无支票的社会中，即使不写支票，人们仍然需要一个支票账户余额（即活期存款）来支付，这表明支票账户是实现交易的一种方式，而不是货币本身。
选项A（交换媒介）和选项C（购买力的储存）都是货币的基本功能，EFTS并不影响这些功能。选项D（会计单位）也是货币的一个基本功能，用于衡量商品和服务的价值。
然而，选项B（支票账户）实际上是一个金融工具，用于存储和转移资金，而不是货币本身。题目中明确指出，即使在无现金、无支票的社会中，人们仍然需要支票账户余额来进行交易，这表明支票账户并不是货币，而是使用货币的一种方式。因此，正确答案是B，支票账户不能作为货币的角色。
