Online Banking

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Topics: Bank, Online banking
Online Banking
Definition:
Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, we no longer have to leave the house. We can shop online, communicate online, and now, we can even do our banking online. Online banking allows us to make deposits, withdrawals and pay bills all with the click of a mouse. It doesn't get much more convenient than that.
Advantages of online banking:
Convenience
Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away. Not only this but all services that are usually available from your local bank can be found on a single web site. Rather than having to ring a separate number to order a new chequebook or cancel a bankcard, or even go into the branch to do so, it is possible to do all this from your personal home page.
Portability
If you are out of the country and a money problem arises your account is mobile as you can access it 24 hours a day from anywhere as long as you have a PC and a phone line. This is possibly the main advantage of online banking as apposed to branch based banking. Your account is extremely accesses able with an online account and all the services which you would expect to be provided by a banking service, such as being able to access your balance or set up a standing order, are available to you any time anywhere so long as you have the correct hardware.
Transaction speed
Online bank sites generally execute and confirm transactions at the same rate or quicker than, ATM processing speeds. This means that if you withdraw or pay in money from/to your account then your balance will be updated at the same speed or often quicker than if you had done so at a branch bank ATM.

Effectiveness
Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes and rate alerts to help you

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