Banking Online
Online Banking is a system allowing individuals to perform banking activities at home, through the internet or Web banking. Online banking is also known as ‘Internet banking’ or ‘Web banking’. A few online banks are conventional banks which also offer online banking, where as others are online only and have no physical presence. Online banking through conventional banks allow customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer online loan and credit card applications. Account information can be accessed anytime, day or night, and can be done from anywhere, any time as the wishes of the cutomers. A small number of online banks update information in real-time, where as others do it daily. Once information has been entered, it doesn’t need to be re-entered for similar subsequent checks, and future payments can be scheduled to occur automatically. Most of them are allow for file transfer between their program and popular accounting software packages, to simplify record keeping. In spite of the advantages, there are a few drawbacks. It does take some time to set up and get used to online accounts. As well, a few banks only offer online banking in a limited area. In addition, when an account holder pays online, he/she may have to put in a check request as much as two weeks before the payment is due, but the bank may withdraw the money from the account the day that request is received, meaning the person has lost up to two weeks of interest on that payment.
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