Business Math
3-3 Online banking
Goal
•Calculate account balance needed to makeonline payments
Start Up
•Your friend received a letter from his bankinviting him to enroll in the bank’s onlinebanking program. He thinks he would like touse the service. He also wonders whether themonthly charge of $5.95 for the onlinebanking is worth the cost. What would yousay to your friend that might help him decide?
•Math Skill Builder page 94
Online-account access
•Another type of electronic banking is on linebanking. This service allows you to do yourbanking by using a computer and the internet.
•These services allow you to
–Have access to your account 24 hours a day
–Transfer money between accounts
–Have bills sent to you electronically instead of mail
–Make payments to companies you select
–Reorder checks and send messages to bank staff
–Look at the history of your account
Making decisions about onlineaccounts
•When selecting a bank to do online serviceconsider
–Convenience of bank currently using
–One that meets your needs
–Easier to use
–Least cost
•Must determine what will be paid on line
•Determine dates bills due
•See example 1 page 96
Wrap up
•Check for understanding page 97
•Your friend should see a demonstration of theonline banking program. He should talk toother users of that service. Since he wants totry it he should at least try for a short time butif it doesn’t work for him he should switchback to the bill payment process he is usingnow.
•Exercises 1-13 page 98