Online banking
Online banking also referred to as internet banking, uses the internet as the delivery channel by which one uses to conduct banking activities. Digital banking solutions will allow an individual to manage his accounts by doing the following activities; make payments, view accounts and inquire about the balances, apply for credit cards and loans electronically. In order to access accounts online, one should have browser software installed in their computers. This software will run the online banking programs stored on the banks world wide web server. Therefore, as per my understanding, I would define an online bank as one that provides transaction services to clients over the World Wide Web.
Due to the minimal expenses online banks have, they tend to offer low charges on the services they give as compared to the physical site banks. An online bank is not restricted to exist exclusively online or to have a physical site; rather it can be any of the two. Telebank in Arlington, Virginia and Bank net in the UK, exist online and do not have physical sites. While banks like Wells Fargo and Great Western, exist online and have physical sites too.
When one registers to get the services of their bank online, they have to choose the accounts they want to access online. Thereafter, the bank issues them with a user ID and password, through electronic mail, to enable access their accounts anytime they want to. When accessing their accounts, they are able to get the history of the transactions done and view deposits made successfully. Banks which are exclusively online, do not have automated teller machines (ATM), therefore they charge a client for using another banks ATM to withdraw. As exclusively online banks do not accept deposits via ATM, the client has to deposit the check by mail or transfer money from another account to his account within the bank.
Digital banking provides an individual with the services requested during registration. Other than checking account status and making payments and deposits, one is able to transfer funds, trade shares, receive alerts concerning...
