Electronic Funds Transfer (EFT) provides for electronic payments and collections and there are so many ways EFT can be used for business and personal lives.

Students are required to post 3 posts spread over 3 different days with initial not later than Wednesday and two other by Sunday. The number of words of the initial post should be no less than 250 and the number of words in each of the secondary posts should be no less than 100.

Discussion Prompt(s)Prompt 1:  Wire Transfers:

Go to Electronic Banking of Federal Trade Commission (Links to an external site.) [Website]

Electronic Funds Transfer (EFT) provides for electronic payments and collections and there are so many ways EFT can be used for business and personal lives. EFT is safe, secure and less expensive than paper check payments and collections.What’s more important is the efficiency of EFT.

Have you ever used EFT for your automatic paycheck deposit or do you still prefer the manual/actual paycheck? How about paying taxes for your business? What are the benefits of Electronic Funds Transfers? What are the related regulations and guidance?

You’re encouraged to navigate through this website: http://www.revenue.wi.gov/eserv/eftgen.html and address the following question: What are the procedures for making an Electronic Funds Transfer?

For example, if you decide to pay your business taxes online through EFT, what procedures will be taken? Any other real world examples will also be encouraged.

Prompt 2

What are the records used for timekeeping and how does technology affect this? Many of us have the experience of filling out time sheet and submitting it prior to receiving payroll check. What kind of supporting documents do you have to submit to prove the information shared on the time sheet? Do you have to get approval from your supervisor? Also, how would you determine how many of your working hours will be paid? What about Overtime?

Instead of using the paper time sheet, more and more businesses are turning to computerized time/attendance recording system. Is that what’s going on with your current company and if so, what’s your experience?

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