Question

post a research or conduct a research on "effectiveness of fund transfer in commercial banks". what are questionnaire questions could be asked?

Answer 1

Electronic Funds Transfers

Electronic funds transfers (also commonly known as wire transfers or TT) are a quick and effective method of transferring money between buyers and sellers, in particular when buyer and seller are located in different countries. This term is often misused in international transactions to mean a prepayment, which is not the case, since funds can be electronically transferred at any time during the transaction as agreed by buyer and seller.

The process works this way:

• A customer/buyer contacts its bank and arranges for the funds transfer.
• A seller's bank name, address, ABA number, routing number and account number are identified as the receiving bank and recipient respectively.
• The remitting bank issues a payment order to the receiving bank requesting the payment to be credited to the third party beneficiary or the seller.
• The remitting bank at the request of its customer, called the "by order of" party, issues a funds transfer.
• The receiving bank must be a correspondent of the remitting bank to the extent that the receiving bank can verify the authenticity of the instructions.
• Payment orders are sent by telex or via an inter-bank telecommunication system known as SWIFT.

Note: The authenticity of these messages is assured through sophisticated data encryption.

• The receiving bank will honor requests sent to it by remitting banks only when the receiving bank feels assured that the remitting bank will reimburse it for any outlay of funds, which can be accomplished in any of the following ways:
• A remitting bank can assure reimbursement by authorizing the receiving bank to charge its account with them. This rule applies when the remitting bank requests payment to be made in the receiving bank's local currency.
• A remitting bank can assure reimbursement by crediting their account with the receiving bank. In the case of American banks remitting US dollars abroad, the credit would be posted to the receiving bank's US dollar account. If foreign banks specify that they have credited the account of a US bank, then the credit would normally be in their local currency.
• Money transfers can also be accomplished between remitting and receiving banks even when there are no direct accounts between the two. To do so, the remitting bank transfers the funds into the receiving bank's account via their US correspondent bank. The US correspondent bank, the covering bank, would then advise the receiving bank of the credit.
• When payment is to be made in the local currency of the receiving bank and the remitting bank does not maintain an account in that particular currency, payment must be made through a third correspondent bank. This action is usually accomplished by requesting the covering bank to issue a payment order on behalf of the remitting bank. In this case, the true remitting bank would be the third party bank while the original remitting bank would be an additional "by order of" party to the transfer. No direct payment order would be sent by the original remitting bank to the receiving bank. The original remitting bank would authorize the covering bank either to charge its account or would transfer covering funds by wire transfer to the correspondent bank. An exchange rate would have to be agreed upon between the remitting bank and the correspondent bank.

Internet Banking Questionnaire

This survey is designed to understand Internet users perspectives on Internet banking, their experience with Internet banking, and their expectations on Internet banking services. Only summary measures and conclusions from this survey will be reported. Your participation in this survey is greatly appreciated.

How long have you been using the WWW?

Less than 1 month
1 to 6 months
6 to 12 months
More than 1 year

How many hours per week do you use your computer for fun/play?

Less than 1
1 to 5 hours
5 to 10 hours
10 to 20 hours
over 20 hours

How many hours per week do you use your computer for work?

Less than 1
1 to 5 hours
5 to 10 hours
10 to 20 hours
over 20 hours

How many hours per week do you use your computer for personal reasons?

Less than 1
1 to 5 hours
5 to 10 hours
10 to 20 hours
over 20 hours

Have you performed any of the following activities on-line? (Please check all that apply)

Tax filing
Purchased/sold financial product (e.g., stock, bonds)
Neither of these

How frequently do you use telephone banking services per month (for example, balance inquiry, fund transfer between accounts)?

Less than 1
1 to 3 times
3 to 8 times
8 to 12 times
over 12 times

How frequently do you visit your bank branch per month?

Less than 1
1 to 3 times
3 to 8 times
8 to 12 times
over 12 times

How frequently do you use an Automated Teller Machine (ATM) per month?

Less than 1
1 to 3 times
3 to 8 times
8 to 12 times
over 12 times

What is the main reason that you typically visit your bank branch (please choose the single most important reason)?

to make a deposit
to get advice for investment options
to inquire about a balance
to withdraw cash
other

Have you purchased any product through WWW?

Yes
No

Approximately how many times have you purchased any product through the Internet in the last 12 months?

Less than 1
1 to 3 times
3 to 8 times
8 to 12 times
over 12 times

Please indicate your agreement/disagreement with each of the following statements.

Not AnsweredAgree StronglyAgree SomewhatNeither Agree or DisagreeDisagree SomewhatDisagree StronglyNo Opinion I am willing to provide credit card and purchase information through telephone.

Not AnsweredAgree StronglyAgree SomewhatNeither Agree or DisagreeDisagree SomewhatDisagree StronglyNo Opinion I am willing to provide credit card and purchase information through fax.

Not AnsweredAgree StronglyAgree SomewhatNeither Agree or DisagreeDisagree SomewhatDisagree StronglyNo Opinion I am willing to provide credit card and purchase information through WWW/e-mail.

Not AnsweredAgree StronglyAgree SomewhatNeither Agree or DisagreeDisagree SomewhatDisagree StronglyNo Opinion I am willing to provide credit card and purchase information over the Internet when this information is encrypted.

Not AnsweredAgree StronglyAgree SomewhatNeither Agree or DisagreeDisagree SomewhatDisagree StronglyNo Opinion I am willing to provide credit card information and personal information over the Internet to a Web vendor who is well known and reliable.

In the past five years, other than for geographical relocation, how many times have you switched to a different bank?

Never
1 to 3 times
3 to 8 times
over 8 times

Have you used (or are currently using) any off-the-shelf personal finance management software programs (such as Quicken, MS Money, or Meca software)?

Yes
No

If you answered Yes to the previous question, how long have you been a regular user of such software?

Less than 1 month
1 to 6 months
6 to 12 months
More than 1 year
Not applicable (check here if you answered "No" above)

For your on-line banking, which of the following category best explains your situation?

Your bank provides you with an application software program that operates on your PC. You then dial into the bank via modem, download data, and operate the program that is resident on your PC.
You use a Web browser, but the actual banking software resides on the bank's server in the form of bank's home page.
Don't use either of these/don't use on-line banking

Do you have a bank account for which you interact with your bank mostly through a WWW browser? (If yes, we refer to this type of bank account as an Internet bank account)

Yes
No