Organization : Bank of Guyana
Facility : Telephone Banking
Country : Guyana
Website : https://www.bankofguyana.org.gy/fil/about-us?id=138
Telephone Banking :
This facility allows customers to pay their utility bills (light, water and telephone), check the balance on their account, get a list of the last five transactions and transfer funds from one account to another at the same bank.
Related : Bank of Guyana Internet Banking : www.statusin.org/28252.html
All these transactions can be done in the comfort of one’s home using only a touch-tone telephone. It takes about two minutes to make a payment.
The Bank links your specific utility bill account to your bank account. Using your telephone you can make payments on your utility bills 24 hours a day. The link between your bank account and the utility bill account is specific, therefore you cannot pay someone else’s bill in error.
You are allowed to replay the transaction to ensure that you are paying the right amount before you send through the transaction. You will be given a transaction confirmation number in the event that there is a query.
Advantages of Telephone Banking :
** It is convenient because you can pay your bills on time and do not have to go to the utility company during the business hours.
** It saves time as it eliminates waiting in line at the utility company.
** It is safer because you do not have to walk around with cash to pay your utility bills.
** It is cheaper since the transaction cost is less than transportation cost to and from the utility company.
Disadvantages of Telephone Banking :
** First time users may find the system slightly difficult to use.
** Instead of a receipt you will receive a transaction reference number as proof that the payment was made.
Electronic Funds Transfer Service :
** Electronic Funds Transfer is a system of transferring money from one bank account directly to another without any banknotes/coins changing hands.
** EFT refers to the computer based systems used to perform financial transactions electronically initiated through the exchange or transfer of money either within the same financial institution or across multiple institutions using an electronic terminal (ATM, Point-of-Sale, Credit Card, etc), the telephone or the computer.
Advantages of using the Electronic Fund Transfer :
** It is easy and convenient.
** It is fast and secure.
** It is efficient and less expensive than paper cheque payments and collections.
Disadvantages of using the Electronic Fund Transfer:
** If you enter the target account number incorrectly, there is no way to reverse the transaction since the bank would process the transaction under the belief that the information you provided is accurate.
** Once an amount is transferred, the bank cannot reverse a transaction.
About Us :
The Financial Literacy Programme was launched on February 06, 2009 and is an initiative of the Bank of Guyana. The Bank recognizes that there is an overwhelming need for educating the broad populace in financial matters that daily impact their lives.
The principal aim is to provide students, parents, youth organizations, homeowners, entrepreneurs, consumers and others with basic and essential financial knowledge to make informed financial decisions that could enhance their lives with greater economic security and subsequently translate into greater national wealth with higher economic growth and development.