The Federal Reserve System is a system set up by the federal government to supervise and regulate member banks and help them serve the public efficiently. All national banks must join the FRS, and state banks may join. Banking systems are used to finance many aspects of life like homes, businesses, crops, education, goods, and infrastructure. Commercial banks offer a wide range of financial services like checking and savings accounts, loans, and other services. Electronic funds transfer refers to using computers and technology for banking activities like ATMs, direct deposit, and automatic bill payment.