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EFTS and Consumer Control of Money
Author(s) -
Churaman Charlotte V.
Publication year - 1984
Publication title -
home economics research journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.372
H-Index - 31
eISSN - 1552-3934
pISSN - 0046-7774
DOI - 10.1177/1077727x8401300211
Subject(s) - disadvantage , electronic funds transfer , control (management) , business , marketing , state (computer science) , finance , economics , management , computer science , law , political science , payment , algorithm
Electronic Funds Transfer Systems (EFTS) were introduced in the late 60s as pilot projects serving one bank's customers or as state‐wide systems. They are now in a stage of rapid development into one‐account banking, linked through networks to many financial institutions and retail establishments and extending, in some instances, to the international level. Research relating to consumer use of EFTS in the United States has been reviewed with particular focus on its implications for family‐consumer management of money. Convenience is ranked as its primary advantage, and fear of loss of control as a perceived disadvantage. The Deacon and Firebaugh model, Family System with Managerial Subsystem Emphasis, is used as a basis for analysis. Conclusions are drawn and suggestions made for further study of the effects of EFTS on consumers as they make more extensive use of it over a period of time.