Online Banking.

Online banking

Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or vitual bank,  credit union or building socitety.


This shows that a website is secure. The bar turns green and there is a picture of a padlock.

Pros:

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. 

Ubiquity: If a money problem arises while you’re out of state or out of the country, you can log on instantly to your online bank and take care of business — 24/7. 

Transaction speed: Online banking sites generally execute and confirm transactions at or quicker than ATM processing speeds. 

Efficiency: You can access and manage all of your accounts from one secure site. 

Effectiveness: Many online banking sites offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs.

Cons:

It may take time to get started: If you’re new to online banking, it might take time to register for your bank’s online program. Or, it may be easier to physically fill out a form at your local branch.

Learning curve: Some banking sites can be difficult to navigate.

Banking site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places.

Trust: Trusting an online banking system is an issue for two main reasons: identity theft and operator error. If you use a non-secure wireless Internet connection, it might not be a good idea to use online banking. It’s too easy for a savvy ID thief to view your personal information.

This image shows all the features of a normal online banking site and what you can do online and what you can't do.