Payment instruments

Essay specific features

 

Issue:

Business

 

Written by:

Claude E

 

Date added:

April 17, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 948

 

Was viewed:

8045 times

 

Rating of current essay:

 
Essay content:

Their main advantage is that pre-authorisation means they are made electronically. While declining in importance, cheques are paper-based instructions to a depositor’s ADI to pay funds to settle a transaction (or to effect a withdrawal). They can be used only where the depositor has a cheque account...
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They can be used only where the depositor has a cheque account. Their main advantage is that the depositor can make a record of the instruction. Debit cards allow their holder to settle transactions via EFTPOS machines that draw on funds in the depositor’s ADI account and to withdraw funds from ATMs...
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