Online Banking!

Online Banking

Internet Banking is the option by witch the bank customers can make transactions like:

• Balance Inquiry
• Fund Transfer
• Check Statements
• Pay bills etc.

Normally a customer would have to make a trip to the nearest bank to transactions but now with the ease of an online bank account you can do all of this and more sitting at home or anywhere where you’ve got internet connection.

It helps you to control what goes in and out of your bank account as you can check it at any time.

Most of the people nowadays use Online Banking rather than going to one of the branches, and stand in a line. Most people work from 9am  till 5pm , and usually most banks close at about 5pm, meaning that most people simply don’t have the time to go to bank to pay their bills and/or transfer money onto a different account or from their savings account. Online Banking makes it easier for those people as they can transfer money and/or set up a Direct Debit to pay the bills.

Anyone who is a bank customer can set up their own Online Banking Account. Some banks require an ‘IB number’ witch is an Internet Banking number you receive through post, its like your personal log in number and makes it safer to access your bank information. Some banks (for example Barclays), require you to have a ‘memorable word’, when you log into your Online bank account it then asks you for a particular letters of your word, (e.g. letter 2 and 5). Both of these safety features make your bank information safer and private, meaning that no one else can access them.

A major advantage of using this form of banking makes it easier for people to access their banking information on the go. If they’re in a hurry and want to know how much money they can take out, they can quickly log on and check. Its easier and simpler to use rather than the official website.

A disadvantage might be that some people might see your account details and how much money you currently have in your bank. Although the online safety is pretty high, some people might still find ways in witch they can log into your account and get your personal information. For example, HSBC bank uses a ‘Card’ witch only HSCB customers have, every time you log in its asks you to press certain numbers (they are different every time). This is a safer way to log on as 1. You need the card and 2. You need the correct numbers. However, Halifax for example doesn’t offer a ‘card’ or anything else witch would make your online account safer, this makes it easier for ‘hackers’ to hack into your account and for example transfer your money onto their accounts and/or get your personal details.