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Online Banking - The Complete Guide

Dec 9, 2007
Internet banking and virtual banking offer convenient and cost effective methods of doing bank transactions. Technology paved way for more advanced services but simplified for the traditional banker. The shift from traditional banking into virtual modes of transaction takes time and trust. Security and ease of access is the major competitive thrust of online banking.

Internet banking has made lives easier and banking faster and more pleasant because it's a cost effective way of managing accounts that takes care of thousands of customers without going to the bank. There is no need to fall in line and administrative work is eliminated and save banks from overhead costs.

Online banking has many advantages. First, they provide ease of access 24/7 anytime, anywhere. Managing your accounts from paying bills, transferring money and checking balances will be hassle free because you have access from a secure site. Unlike traditional banks, online banking never closes and just within a click of a mouse.

Speed and efficiency of transactions are executed quicker than ATM machines. Even if you are out of the country, one can access and manage accounts real time and with tremendous convenience. You can request your financial statement online and re-schedule future payments from their bank account or transfer or receive money within seconds.

On the other hand, there are disadvantages of virtual banking. The start up process may take time because of registration procedures that has to be done at the bank branch. Some banking sites are difficult to manage and it takes time to learn and to get used to its features. A good tip would be to read brochures and invest time learning online banking process ahead.

There are times the main server of the virtual site might undergo maintenance checks and system revisions that would become an obstacle in accessing accounts thru re-entering account information. For others, learning to trust its capability will be the biggest hurdle. One good tip is to always print the transaction receipt and put it with your bank records until the site refreshes and updates the transaction.

Most of the banks right now offer secure and multi-functioned online banking systems for free or with a small fee. The shift from traditional banks to virtual banking will eventually become the norm as with ATMs.

Fraud issues with online banking are increasing and there are steps you can take to prevent your credit card information and bank accounts from getting hacked or stolen. Always make computer access secure by protecting log on information and passwords. Make sure to log out from your account when you're done especially if using public networks like Internet shops or libraries etc.

Dealing with established and reputable merchants gives you the assurance and confidence to protect and secure your accounts. Make sure to check your accounts for any discrepancies and periodically change your password and ignore the "remember my password" option when accessing your online banking.

Online banking offers great convenience and real time access to your accounts. They provide good online services to facilitate effective and efficient transactions safe and hassle-free.
About the Author
Thomas Winn is a freelance writer for many small financial blogs. With years of experience as a financial advisor, Thomas enjoys managing finances. Other than his advice, Thomas recommends a new financial site that provides advice and reviews on bank accounts .
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