Which term refers to managing your bank account over the phone?

Which term refers to managing your bank account over the phone?

• A. Telebanking
• B. Bills of Exchange
• C. Electronic Transfer
• D. M-Money

Answer: (A)

Telebanking means managing your bank account over the phone. It refers to using a bank’s telephone system—either automated prompts or a live representative—to check balances, transfer funds, and pay bills without visiting a branch. You typically verify your identity with a PIN or security questions and navigate options using the keypad or voice responses. This term is specific to the phone-based method of access. Bills of Exchange are formal payment instruments used in trade, not methods of account access. Electronic Transfer is a broad term for moving money electronically, which can happen online, by card, or by phone, but the telephone-based service itself is called telebanking. M-Money isn’t a standard term for this function.

Telebanking means managing your bank account over the phone. It refers to using a bank’s telephone system—either automated prompts or a live representative—to check balances, transfer funds, and pay bills without visiting a branch. You typically verify your identity with a PIN or security questions and navigate options using the keypad or voice responses. This term is specific to the phone-based method of access. Bills of Exchange are formal payment instruments used in trade, not methods of account access. Electronic Transfer is a broad term for moving money electronically, which can happen online, by card, or by phone, but the telephone-based service itself is called telebanking. M-Money isn’t a standard term for this function.