Computers And Banking: Electronic Funds Transfer Systems And Public Policy (applications Of Modern Technology In Business)

Electronic funds transfer (EFT) systems include a wide range of computer-based payment systems and sources that substitute electronic and digital transfers for movements of cash and paper checks. A few years ago some people were predict­ ing that EFT would replace paper money and coins entirely and that we would soon be a "checkless" and' 'cashless" society. Such sweeping changes have not occurred, but a slower evolution is clearly underway. Although checks, cur­ rency, and coin are likely to be here for many years to come, EFT is becoming an established part of our worldwide payment transfer system, and the implications and consequences of this technology are real. They include: • Alterations in personal finance and in the process of purchasing and paying for consumer goods and services. • Changes in the structure of financial and retail organizations and their mode of interaction in the marketplace. • Modifications in the flow of funds in our society and in the interactions among economic institutions. • Alterations in the prospects for invasion of personal privacy, perpetration of fraud and theft, and violation of antitrust regulations. • Changes in the regulatory and competitive balance among the numerous financial institutions in the United States. Such alterations foretell important impacts on people and society. Benefits are forthcoming, but the costs will also be real. Front Matter....Pages i-xv Front Matter....Pages 1-1 EFT as a Case of Technology and Public Policy....Pages 3-17 Front Matter....Pages 19-19 Outlook for EFT Technology....Pages 21-38 Status of EFT: An Assessment of Services and a Review of EFT in the Fifty States....Pages 39-52 Front Matter....Pages 53-53 EFT and the Consumer: An Agenda for Research....Pages 55-65 More Inequality: An Exploration of Potential Impacts of EFT on Stratification in American Society....Pages 67-80 EFT, Privacy, and the Public Good....Pages 81-89 Vulnerabilities of EFT Systems to Intentionally Caused Losses....Pages 91-102 Front Matter....Pages 103-103 Costs of the Current U.S. Payments System....Pages 105-116 An Overview of the Economic Characteristics of Electronic Funds Transfer Systems....Pages 117-132 National Economic and Monetary Impacts of EFT....Pages 133-138 Front Matter....Pages 139-139 Problems and Policies in Making EFT Available to the Public....Pages 141-146 Public Protection and Education Under EFT....Pages 147-160 Regulatory and Operational Issues in EFT....Pages 161-165 Front Matter....Pages 167-167 Electronic Funds Transfer as a Subject of Study in Technology, Society, and Public Policy....Pages 169-181 The Social and Institutional Meanings of Electronic Funds Transfer Systems....Pages 183-195 EFT and the Process of Change....Pages 197-209 Using Micromodels in EFT Analysis....Pages 211-220 Monitoring EFT in Evolution....Pages 221-239 Front Matter....Pages 241-241 An Agenda for EFT Research....Pages 243-268 Back Matter....Pages 269-309 Electronic funds transfer (EFT) systems include a wide range of computer-based payment systems and sources that substitute electronic and digital transfers for movements of cash and paper checks. A few years ago some people were predictƯ ing that EFT would replace paper money and coins entirely and that we would soon be a "checkless" and' 'cashless" society. Such sweeping changes have not occurred, but a slower evolution is clearly underway. Although checks, curƯ rency, and coin are likely to be here for many years to come, EFT is becoming an established part of our worldwide payment transfer system, and the implications and consequences of this technology are real. They include: " Alterations in personal finance and in the process of purchasing and paying for consumer goods and services." Changes in the structure of financial and retail organizations and their mode of interaction in the marketplace." Modifications in the flow of funds in our society and in the interactions among economic institutions." Alterations in the prospects for invasion of personal privacy, perpetration of fraud and theft, and violation of antitrust regulations." Changes in the regulatory and competitive balance among the numerous financial institutions in the United States. Such alterations foretell important impacts on people and society. Benefits are forthcoming, but the costs will also be real