Internet banking is the new method of banking using the new technologies available in the world today. Instead of needing to travel into a local branch of your bank, the Internet allows you to do a wide variety of useful things with your accounts. It can be accessed from anywhere that there is a computer with the Internet, and of course unlike bank branches the net is open 24 hours a day 7 days a week.
The services available online vary from bank to bank. Most of the general services are on all banking websites but the larger banks contain more control over your money. Here are some of the things that are possible – View your account balances
Pay your bills (With the help of programs like ‘B-Pay’
View records of transactions
Transfer money to linked accounts with the same bank
Transfer money to specially selected unlinked accounts
Order printed payment reviews
Pay for shares
Check interest in your accounts
Send money overseas
Change your details
Open new accounts
Receive advice on handling funds
These are not all of the services available because each bank is different and in the competitive nature of banks they are always offering new features to attract investors. These features are open to both individuals and businesses (businesses have a few more options).
Everything has upsides and downsides and unfortunately so does online banking. First of all obviously it does not deposit physical money nor does it withdraw bank notes, which means you will still have to make a trip to the bank to do those things. The fact that online banking is done over the Internet means that safety and security is a big issue.