Regardless of the name, these systems offer certain advantages over traditional banking methods. Consumers can use their computers and a telephone modem to dial in from home or any site where they have access to a computer. Transactions are executed and confirmed quickly, although not instantaneously. Processing time is comparable to that of an ATM transaction. And the range of transactions available is fairly broad.
Customers can do everything from simply checking on an account balance to applying for a mortgage.
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