Telephone banking

Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone.

Most telephone banking use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative (see below). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer's accounts, etc.

Usually, customers can also speak to a live representative located in a call centre or a branch, although this feature is not guaranteed to be offered 24/7. In addition to the self-service transactions listed earlier, telephone banking representatives are usually trained to do what was traditionally available only at the branch: loan applications, investment purchases and redemptions, chequebook orders, debit card replacements, change of address, etc.

Banks which operate mostly or exclusively by telephone are known as phone banks.

See also

*Online banking
*Current account (banking)
*Demand account

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • telephone banking — ➔ banking * * * telephone banking UK US noun [U] ► BANKING services offered by a bank to its customers by telephone: »They no longer need a local bank branch after switching to telephone banking …   Financial and business terms

  • telephone banking — n [U] a service provided by banks so that people can find out information about their bank account, pay bills etc by telephone rather than by going to a bank …   Dictionary of contemporary English

  • telephone banking — noun Telebanking • • • Main Entry: ↑telephone …   Useful english dictionary

  • telephone banking — Fin a system in which customers can access their accounts and a variety of banking services up to 24 hours a day by telephone. Apart from convenience, customers usually benefit from higher interest rates on savings accounts and lower interest… …   The ultimate business dictionary

  • telephone banking — /ˌtelɪfəυn bæŋkɪŋ/ noun a service by which a bank customer can carry out transactions over the phone using a password. It may involve direct contact with a bank representative or may be automated used the phone dial …   Dictionary of banking and finance

  • telephone banking — A home banking facility enabling customers to use banking services by means of a telephone link …   Accounting dictionary

  • telephone banking — A home banking facility enabling customers to use banking services by means of a telephone link …   Big dictionary of business and management

  • telephone banking — UK / US noun [uncountable] banking services provided to customers by telephone …   English dictionary

  • banking — bank‧ing [ˈbæŋkɪŋ] noun [uncountable] 1. BANKING the business activity of banks and similar institutions: • a large, New York based banking company • The banking industry will strongly oppose these new regulations. conˌsumer ˈbanking BANKING… …   Financial and business terms

  • Banking in Canada — is one of the most efficient and safest banking systems in the world. [ World Economic Forum Global Competitiveness Report] , World Economic Forum, In the 2007 2008 report Canada is ranked 2nd in the Soundness of banks… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.