What is Online Banking
Online Banking Defined
Online banking, also known as internet banking and ebanking, is simply the process of doing your banking transactions online, via your computer, rather than physically going to your bank. Online banking can be used to make deposits and withdrawals. It can also be used to pay bills once your accounts are properly set up for online transactions.
Online Banking is Convenient
Online banking, is a great way to do your banking business without having to leave home. It is very convenient. With today’s added security features, internet banking is also a safe way to do your banking. However, as with all things “online” you need to take some basic precautions.
Online Banking – Provides Access to your Personal Bank Account
Online banking can be used to access personal or commercial bank accounts. In fact, with more and more things being done on a global basis, online banking is becoming more popular than ever. The truth is that most of us use online banking almost exclusively and hardly see paper cheques these days.
Online Banking – You Need An Internet Access & a computer
Online Banking access requires that you have an internet connection and a computer. Dial up accounts will work, but broad band internet is better. You need to set up the account up with your bank. But once you have done so you can access your account with just a few mouse clicks. The best thing is that you can access your account 24/7.
Online Banking – Allows Unlimited Access to Your Bank Accounts
Online banking allows you to have unlimited access to your accounts. It allows you to keep track of your Cheque account balance; you can see which cheques or bills have cleared your account, and if you wish, you can authorize payments to utility companies. You can also pay bills by B-Pay or set up Direct Debits from your Bank Account.
Online banking can also be used for other types of accounts as well, such as monitoring your savings account.Most banks will allow you to set up online accounts for all of your accounts and they keep them separate for you, which will minimize confusion.
Online Banking – A Few Precautions are Needed
A few precautions should be taken to avoid problems when you are doing your online banking. Firstly, you will be asked to set up a username and password for your account. You should never give out this information to anyone. If someone has that information they can access your account and cause all types of problems for you.
You should treat your password as carefully as you would treat your ATM PIN.
Watch out for Online Banking Scams
Most banks will never call you and ask you for your password. They will never send you an email asking for that information either. If you get a phone call from someone stating that they are from the bank, refuse to give out your password. Instead, tell them you will call them back and get their name and extension number at the bank. Then call the correct number for your bank and ask for the person that called you. This way you know you are talking to the bank and not to someone who may be pretending to be from the bank.
Report Bank Account Discrepancies Immediately
If you notice any discrepancies with your online statements you should contact the bank immediately. They can, if need be, put a stop payment on something that is suspicious or that you did not authorize.
Online Banking – Is a Real Time Saver
Online banking is a great way to save time and energy and because it is so safe and secure these days, it is really worth the effort it takes to get it set up.
You’ll Love Internet Banking
Once you try Online Banking, you will love it, you’ll never look back!