Question

A type of service that allows account owners to transfer funds between accounts is:

a) Automated teller machine
b) Interest earned
c) Electronic funds transfer
d) Minimum balance
e) Automatic funds transfer

Answer 1

The correct answer is Electronic funds transfer. It allows account owners to transfer funds between accounts electronically.

Step-by-step explanation:

The correct answer is c) Electronic funds transfer. Electronic funds transfer is a type of service that allows account owners to transfer funds between accounts electronically. This can be done through online banking, mobile banking apps, or other electronic platforms.

For example, if you have a checking account and want to transfer money to your savings account, you can use electronic funds transfer to move the funds without the need for physical checks or visiting a bank.

Other options provided in the question such as automated teller machine (a) and automatic funds transfer (e) are not specifically designed for transferring funds between accounts, while interest earned (b) and minimum balance (d) are not services but rather features or requirements of banking accounts.