Online banking is one of the newest internet fad, with millions of users flocking to their personal computers to pay their bills online. With a variety of advantages, such as convenience and simplicity, it is no wonder that so many people and businesses are enthralled by this current trend.
Secure Banking – Anytime, anywhere …
Banking has never been easier than it is today. Probably the first advantage of online banking is the convenience. You can access your bank via the Internet at any time of day or night, even while lying in bed if you like. The convenience of being able to log on and carry out transactions at any hour of the day or night could be a welcome alternative to visiting the bank on your lunch hour. No queues and no bank holidays mean the customer has even more control over their finances.
Banking websites are open 24 hours a day, seven days a week; they never close! Also, you have access to your banking account from anywhere in the world. All you have to do is find a computer, the web, and click…you are banking. You never have to worry about security. You can be assured that online banking websites are furnished with secure servers. And almost any banking site can perform a transaction faster than your average ATM.
Ease of Online Transactions …
With online banking, you are allowed to see your account balance and history, do online business transactions and pay your bills effortlessly. To pay bills through a virtual banking system, you need a personal computer, an internet access, and in some occasions, software provided by your local bank. You simply need to create an address book or database on your computer that lists all of the companies that you will be paying. When you receive a virtual statement, select a payment amount and the date that you would like it to be paid. Then, click; the rest is up to your bank. It is that simple.
More progressive banking websites give you the opportunity to manage a variety of your accounts such as fund transfers, loan and investment accounts, credit card accounts, internal revenue taxes and even some can get you stock quotes for free. A positive aspect for most businesses is that a majority of payment programs will allow you to schedule to pay your bill just in time, according to the billing cycle. What does this mean for you? No more late payment charges!
Lower Fees …
A broad percentage of the larger banks now offer completely functional internet banking free of charge, or for a small fee. Transactions performed online are generally much cheaper than those done over the counter at a bank branch. You can pay bills, transfer cash, check balances, and much more for much less.
With the advantages come the disadvantages. If you are not familiar with the internet or personal computer, navigating a banking website may be tricky at first. You must tutor yourself, and learn all of the basic aspects of the online banking system.
Another unsatisfactory detail is the time it takes to actually get your online banking account set up. You must first go to your local branch and supply identification and complete forms. Once this is completed, you are given a user ID and password for the actual website. Then, you are finally ready to begin your adventure in the online banking world.
4 Important Reminders …
1-To access internet banking, you must set and use a “password” so you can login successfully. Your computer has convenient ways to help you remember your login details. But don’t use the “remember my password” option if your computer suggests it. Keep your bank login details very safe and very secret.
2-Most online banks will allow you to change your password. This is a very good idea and something you should do regularly. Of course, you must also remember your new password each time it is changed.
3-Logging on to your online bank is easy and very convenient. But after you have completed your business, remember to log out of your online bank again. This is especially important if you access your bank from a library, at work, or in a cyber café.
4-Enjoy your online banking, but beware of any email you receive asking you to verify your bank details by clicking a link. The site may look authentic, but it will probably be a fake. Respectable banks don’t ask anyone to verify details by email.
With the internet’s sophisticated technology, your banking information is well protected which gives an edge to online banking account over traditional banking. Some experts consider internet banking to be even more secure than traditional methods – you won’t have pieces of paper with sensitive information lying around, and there’s no danger of your business being overheard by other bank customers. However, you do need to make sure your computer’s security system is sound, and that you have privacy for your login session.
It is likely that some people or business managers may miss the face-to-face contact of their local branch. Hence, most will choose a combination of online banking, phone banking and branch visits. As internet banking becomes more established, it’s also likely that most businesses will end up conducting at least a proportion of businesses online. Eventually, you could find switching on to the online banking well worthwhile.