Internet banking definition

Our Internet Banking facility MoneyClickTM lets you to manage your finances in the comfort of your home or your office as per your convenience. MoneyClickTM is a Self-Service Channel, which is available 24 hours a day and 365 days a year in an absolutely simple, friendly but secured environment. Internet Banking Use of the Internet to obtain account status information or carry out transactions on an account with a financial institution. (The system that allows you to put in or take out money from a bank account by using the Internet)

Internet banking system

There are many things to know about the Internet banking system, especially if you are just now wanting to get involved with online internet banking system. There are definitely both advantages and disadvantages that can be gained from using Internet banking, all of which are critical to understand. Getting Started One of the main reasons that people decide to begin using Internet banking over regular banking is in reference to convenience. Everybody wants methods that are going to save them time and make daily tasks easier on them, and that is exactly what Internet banking does. You are even offered free online bill paying, so rather than having to rush in to your bank at the end of a long work day to pay all your bills, you can wait until later on in the evening, or whenever is most convenient for you, and pay your bills from the comfort of your own home. If you move you do not have to worry about finding a new bank, because as long as you still have a computer and access to the Internet then you will be able to continue using your Internet banking services without any delay, and you can even notify the bank of your change of address directly over the computer as well. Many other services that you would typically have to pay for are free as well when you complete them online with Internet banking, and this is primarily due to the fact that by completing Internet banking services you are saving the bank from having to use bank tellers, or manpower, to do the work for you.

With online baking you are also often able to get much more detailed information than you could with your regular bank, and you can see all of your account activity immediately, rather than having a delay. For instance if you pay a bill online, you are able to check your account only moments after and see the transaction shown on your account history. Then if you have questions about that particular transaction or anything regarding it, there will typically be a link or means of finding more information on it. If you have several different accounts, separating between checking and savings, for instance, then you can transfer money from one account to another with just the click of a mouse. There are certain downfalls that you can expect from Internet banking as well however, as the Internet banking system is certainly not without its flaws. One in particular involves direct deposits, when you do direct deposits with Internet banking you will have to mail them in, and so if you have to make cash deposits quite often, this could become rather tiresome and time-consuming. However there is the option of finding a bank that offers both banking institutions and online banking, because then you can complete the majority of your banking tasks online and go directly to the bank only when you need to, such as to make deposits and ask questions.

Advantages Of Internet Banking

Are customers being forced towards use of internet banking for the convenience of the banks and big business? Or do customers really benefit from banking on-line?

Internet banking does offer many benefits for both banks and their customers. So the banks are doing what they can to encourage customers to try it.

1. An internet banking account is simple to open and use.

You just enter a few answers to questions in a form while sitting comfortably in your own home or office. To access your account, you establish security measures such as usernames and passwords. To complete the set up of your account, you just print, sign and send in a form.

2. Internet banking costs less.

Because there are fewer buildings to maintain, and less involvement by salaried employees, there is a much lower overhead with online banks. These savings allow them to offer higher interest rates on savings accounts and lower lending rates and service charges.

Even traditional brick and mortar banks offer better deals such as free bill paying services to encourage their customers to do their banking online.

3. Comparing internet banks to get the best deal is easy.

In a short time, you can visit several online banks to compare what they offer re savings and checking account deals as well as their interest rates.

Other things you can easily research are what credit cards are available, credit card interest rates, loan terms and the banks own rating with the FDIC.

4. Bouncing a check (accidentally) should be a thing of the past because you can monitor your account online any time, day or night.

You can track your balance daily, see what checks have cleared and when and know when automatic deposits and payments are made. This is all possible by simply going online to the banks website and logging into your account.

5. You can keep your account balanced using your computer and your monthly statement.

Your bank account information can be downloaded into software programs such as Microsoft Money or Quicken; making is easy to reconcile your account with just a few mouse clicks. The convenience of the data capture online makes it much easier to budget and track where your money goes. Your internet bank account even allows you to view copies of the checks you have written each month.

6. With the ability to view your account at anytime, it is easier to catch fraudulent activity in your account before much damage is done.

As soon as you log into your account, you will quickly see whether there is anything amiss when you check on your deposits and debits. If anyone writes a check or withdraws funds from your account and you know it wasn't you, you will see it right away. This lets you get started on correcting the problem immediately rather than having to wait a month to even have a clue it is happening as would be the case with a traditional bank.

7. Internet banking offers a great deal more convenience than you could get from a conventional bank.

You aren't bound by 'banker's hours' and you don't have to go there physically in your car. Time is not wasted when you have work to do because you can do your office's banking without leaving the office. No matter where you are or what time it is, you can easily manage your money.

There are sound reasons why internet banking is growing. The economic advantages have encouraged banks to provide an increasing range of easy to use services via the internet.

Customers have found doing business online simple and speedy and have become very comfortable with the arrangement. Internet banking gives people more control over their money in a very convenient way that they find enjoyable and reassuring.

disadvantages
The world has come from far and we are every day digging into the unknown, what was unthinkable then is now a practice. Today, you can bank right from the comfort of you home and multitudes of benefits come with it. However, though internet banking is such a good and desirable innocent, it has some disadvantages as listed;

1. Setting up an account may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. Some banks even ask for photos

2. Legal issues: If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.

3. Learning difficulties: Banking sites can be difficult to navigate at first. Getting acquitted with the banking sites software may require some time to read the tutorials in order to become comfortable in your virtual lobby.

4. Site changes and upgrades: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.

5. Customer service: There is no personal contact with any of the staff, and if talk to any staff through the telephone, you have guarantee you are talking to the best person available

online banking has some disadvatages

6. Internet account: You need to get an account with an Internet Service Provider (ISP) which may be another hectic experience

7. Security concern: Even though online banking sites are heavily encrypted, with the developing technology, its hard to rule out the "hackers" who may access your bank accounts

8. Switching banks: This can be more cumbersome online than in person

9. Money usage: You cant spend your money from the online bank account as you wish, in the end; you will need to go to an ATM to withdraw money for usage.

10. Technical breakdowns: As with all technologies, online banking websites sometimes go down. If this happen when you closed your local bank or credit card accounts, you will definitely go penniless.

However, even though online banking has some disadvantages, the advantages with no doubt outweigh. It is there for important for everyone to prepare for the unknown with an online bank account.

Internet Banking Features

We are always looking at ways of providing you with the best service possible.

With Internet Banking you have access to all the online banking features you expect plus more, including SMS banking services and increased online security with the BOQ Security Token.Key features

All the key features of Internet Banking are explained for you:

1. balance and transaction history search

2. transaction history export

3. order new statements

4. Mobile banking

5. transfers

6. pay bills with BPAY

7. receive bills online with BPAY View

8. Pay Anyone payments

9. Multi Payments

10. Foreign currency calculator

11. International and RTGS payments

12. Open or apply for selected accounts

13. Daily Limits Packages for BPAY, Pay Anyone and Multi Payments

14. SMS banking services

15. extra online security with the BOQ Security Token

Business features

If you have a business, find out how Internet Banking can assist you:

payments file upload

direct debit payments and payment templates

related account access

multi user transaction authorisation and privilege delegation

What is Internet Banking

Internet banking can be defined as a facility provided by banking and financial institutions, that enable the user to execute bank related transactions through Internet. The biggest advantage of Internet banking is that people can expend the services sitting at home, to transact business. Due to which, the account holder does not have to personally visit the bank. With the help of Internet banking many transactions can be executed by the account holder. When small transactions like balance inquiry, record of recent transaction, etc. are to be processed, the Internet banking facility proves to be very handy. The concept of Internet banking has thus become a revolution in the field of banking and finance.

Brief History of Online Banking

The concept of Internet banking has been simultaneously evolving with the development of the world wide web. Programmers working on banking data bases came up with ideas for online banking transactions, some time during the 1980s. The creative process of development of these services were probably sparked off after many companies started the concept of online shopping. The online shopping promoted the use of credit cards through Internet. Many banking organizations had already started creating data ware housing facilities to ease their working staffs. The development of these databases were widely used during the development of ATM's.

Sometime in 1980s, banking and finance organizations in Europe and United States started suggestive researches and programming experiments on the concept of 'home banking'. Initially in the 80's when

computers and Internet were not so well-developed, 'home banking' basically made use of fax machines and telephones to facilitate their customers. The widespread of Internet and programming facilities created further opportunities for development of home banking.

In 1983, the Nottingham Building Society, commonly abbreviated and referred to as the NBS, launched the first Internet banking service in United Kingdom. This service formed the basis for most of the Internet banking facilities that followed. This facility was not very well-developed and restricted the number of transactions and functions that account holders could execute. The facility introduced by Nottingham Building Society is said to have been derived from a system known as Prestel, that is deployed by the postal service department of United Kingdom.

The first online banking service in United States was introduced, in October 1994. The service was developed by Stanford Federal Credit Union, which is a financial institution. The online banking services are becoming more and more prevalent due to the well-developed systems. Though there are pros and cons of electronic cash technology, it has become a revolution that is enhancing the banking sector.

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.

Online banking has been around for quite a few years. In fact, it was introduced in the 1980s and has come a long way since then. The last decade has seen a profuse growth in internet banking transactions. Several pieces of legislation have also been introduced in this area.

Though it began in the 1980s, it was only in the mid nineties that internet banking really caught on. What attracts customers to internet banking is the round the clock availability and ease of transactions. Studies estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in the traditional ways. Statistics released by the FDIC show that only 40% of the banks in the U.S. offer internet banking facilities worth mentioning. All the others may have an online presence but do not have enough online transactions to justify their presence on the internet.

Some customers have been known to turn to internet banking due to dissatisfaction with standard procedures and practices. The total absence of human interaction appeals to some people. Some

customers turn to internet banking facilities for security reasons. This is mainly because of customers being assured of banks' ability to keep transactions safe and secured.

Most online transactions are made using the Internet Explorer interface. The Internet Explorer has been around for more than ten years now.

Internet Banking provides detailed information on Internet Banking, Advantages Of Internet Banking, Internet Business Banking, US Internet Banking and more. Internet Banking is affiliated with Best Internet Banks.