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Internet banking: benefits of online banking

What is Online Banking?

Online banking is conducting banking transactions, including opening and closing checking and saving accounts, depositing and withdrawing funds, issuing and servicing loans and credit, checking balance and viewing bank statements over the Internet. Most major banks today offer online banking because of the benefits of online banking.

Benefits

  • Security

Online banks take every measure to ensure banking online is not only safe but secure. Security is of utmost priority when it comes to banking on the Internet. The measures taken to ensure your safety on the Internet generally make online banking just as safe as traditional banking.

  • Convenience
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Many conveniences are associated with internet banking. Unlike banking with your local bank around the corner, Internet banking does not have the bankers closing or opening time. You can conduct online transactions any time of day or night, regardless of a bank’s opening and closing hours or public holidays, where you have access to the Internet. Moreover, online banking helps you avoid a trip to the bank and queuing in banking halls by allowing you to pay bills online.

  • Flexibility and Efficiency

Online banks generally execute and confirm transactions quicker than traditional brick and motor banks. Moreover, Internet banking services are more flexible and readily integrated with modern technological advances. For example, most online banking services offer sophisticated tools, such as real-time rate alerts, account aggregation and portfolio managing programs as well as support for money managing programs such as Microsoft Money to help you manage your money better.

  • Cost-effectiveness
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Online banks have much lower overhead costs because there is less involvement with salaried employees and fewer buildings to maintain. The low overhead costs allow online banks to offer lower service charges and lending rates and higher interest rates on saving accounts.

  • Caution

Although online banks take every measure to ensure your safety and privacy on the internet is top notch, you cannot be too careful when conducting transactions online. The nature of the Internet demands that you take every measure to protect your identity and personal information from hackers and online criminals.

Clear your cookies after every banking session, especially when using public computers. Also, use a password that is difficult to guess or decipher and never give details of your online account to anyone who is not a joint account holder with to ensure you enjoy the full benefits of online banking.

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