Most banks and financial institutions offer online banking services through a password protected website. Customers must register with their bank to be able to use these websites to conduct online banking.
Typical online banking functions include checking account balances and transaction history, transferring money between accounts, making loan repayments, paying bills to third parties and ordering statements and cheque books.
Making the most of Internet Banking
Learning exactly what online banking has to offer may allow you to combine its benefits with the familiarity of conventional banking to make the whole task easier.
Online banking provides a number of advantages for both customers and banks.
For consumers the advantages are:
The ability to access your account anytime of day, almost anywhere.
Easier management of finances; checking account balances, transferring funds and paying bills.
Cheaper banking - fees and charges are typically much lower
Saving time - online applications for services in place of standing in line or making an appointment.
For the banks, time really is money. Online banking allows the customer to conduct transactions alone, decreasing the need for tellers at bank branches, and - in many cases - the branches themselves.
However, the major banks are aware of the shortcomings of internet banking and are not about to abandon face to face contact. Currently in favour is the American 'clicks and mortar' industry model. This model encourages customers to use online banking for basic transactions, freeing up staff for services like financial planning and guidance at branches. So while there are banks which conduct their business solely online, should you wish to use them, not all banks are necessarily set to follow this path.
The internet is a powerful and vital new medium capable of offering a time-saving and cost-effective way of banking for customers and banks. For this reason alone internet banking is certainly here to stay, not to be feared but moulded to suit your way of banking.
TIPS AND TRICKS FOR WORKING CARERS
1. Consider online savings accounts
Consider alternative options such as online savings accounts. These new account offerings offer higher interest rates than traditional branch-based accounts and lower fees. Their returns can also be as good as or better than fixed interest investments like term deposits and debentures.
2. Online transactions are cheaper
Pay bills, check balances and transfer money between accounts using online banking. These transactions are significantly cheaper over the internet than over the counter - and far more convenient.
3. Online transactions are convenient
Online banking allows you to do your banking whenever you want, not when the bank wants to open for business. Internet banking websites offer 24-hour, 7 days a week access to pay bills, check balances and transfer money between accounts, even apply for a new account. Best of all there are no queues.
4. Twelve tips to ensure internet security
Online banking fraud is on the rise and there are a number of ways you can protect your credit card and bank accounts if you transact over the internet:
keep your computer secure and the access to it;
don't send credit card or account details by e-mail;
reject any email that asks you to follow a link to website and input account details for verification - even if the website looks authentic, its probably a fake;
make sure you log out of your online account when finished - especially at work, libraries and net cafes
deal only with established and reputable merchants;
only make payments to secure websites - look for the padlock symbol in the bottom-right of your browser and click for details;
if using a new site, do business first in a small way;
check your accounts and report discrepancies immediately;
ignore the "remember my password option" on banking and shopping sites;
change your password regularly;
cancel any card that has been used fraudulently;
Most banks also offer telephone banking through a toll free number. Telephone banking is similar to Internet banking and includes the ability to:
Check account balances and recent transactions
Transfer funds and pay your credit card
Pay bills bearing the BPAY logo
Contact your bank to set up Telephone Banking.
The Internet Banking guide is adapted from the Infochoice website who generously allowed us to publish an edited version of their Internet banking guide. To view the full article and follow the links visit: -