Online banking allows you to manage your bank account using the internet on your computer or mobile phone. Banking online is possible through online-only banks or through the online services traditional brick-and-mortar banks offer.
How Online Banking Works
You can use the online banking services offered by your bank or credit union by creating an account on the institution’s website. To register your account, you’ll usually need:
– A device with a web browser
– An internet connection
– Your bank account number
– Personal information, such as your Social Security number, to verify your identity
– You’ll need to set up a login and a password to complete your registration. Once this is done, you can start banking online.
– Banking tasks you can do online
Open Accounts
You can open savings, checking, and other accounts online, generally without the hassle of printing or signing anything. The process of opening an account can now be completed within 10 minutes.
Transfer Funds
You can transfer funds from your checking account to your savings account online, without having to visit a bank. You can also link your accounts at different banks, and send money instantly to your family or friends.
Apply for Loans
Applying for a conventional loan is a paperwork-intensive process. However, when you apply for a loan online, the process gets much simpler and less time-consuming. The bank may respond more quickly, and may even make the funds available the same day that it grants you the loan.
View Current and Past Transactions
Online banking makes it easier to view transactions, search for specific events, and download historical statements.
Stay Informed
Apart from allowing you to check the funds available in your account using the bank’s website, many banks also allow you to check your balance and manage your account, among other things, using account alerts or text messages.
Safety of Online Banking
Online banking is safe, often more so than traditional banking. This is because no one can steal your check from the mail when funds are deposited in your account online. If any errors or fraud occur during an electronic funds transfer, you can stay protected due to the federal law, provided you act quickly.
